Minister: Nigeria’s state oil company needs $6.6B of funding to remain in operation
By APTuesday, July 13, 2010
Nigerian state oil company needs $6.6B in funding
ABUJA, Nigeria — A Nigerian minister says the West African nation’s state oil company needs $6.6 billion to cover its debts and fund operations.
State Finance Minister Remi Babalola said Tuesday that the Nigerian National Petroleum Corp. asked for the funding. The corporation partners with foreign oil firms like Chevron Corp., Eni SpA, Exxon Mobil Corp., Total SA and Royal Dutch Shell PLC in exploration of its oil-rich Niger Delta.
The request comes as Nigeria, a country of 150 million, must import roughly 85 percent of its refined fuel, though it remains one of the top crude oil suppliers to the United States. The cash shortage also calls into question what funds it can put toward new ventures with foreign firms.
