The Italian oil group Agip on Wednesday signed a memorandum of
understanding with the state-run Nigerian National Petroleum Corporation (NNCP) to build a US $350-million gas-fired power station, AFP reported.
The two sides agreed that a one-month feasibility study would be conducted after which a final decision would be made over three months on the project, expected to help to reduce the crippling electricity shortages in Nigeria.
The proposed plant, which should take two years to build, would be located in Delta State, southeastern Nigeria, and would have an initial generating capacity of 450 megawatts, according to AFP.
NNPC would bear 49 percent of the investment costs and Agip 51 percent.
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