The Nigerian National Petroleum Company Limited (NNPCL) has said that it has so far released $1.1 billion from its cash flows to finance the
The paper had also claimed in the report that the project had been stalled, as there was no funding to cover the cost of the second and third legs from Abuja to Kaduna and Kaduna to Kano due to funding constraints.
“We have so far spent over $1.1 billion on this project from our cash flow. We are a very different company today. We are a commercial company. We have inter-company laws within our company now. This company can fund this project, so we do not need any support on this project to deliver this project now.
Details from the NNPCL indicate that overall engineering design for the linear section of the two segments of the project stands at 93.48 per cent; while the overall procurement for the linear section for the two segments is at 88 per cent. He went on: “This is a very massive project. We are delivering them in phases. First of all, the line welding has been completed by 70 per cent. There are many other components of this project and once you are able to complete the welding and put certain basic selection, you can actually flow casting to these lines and as another part of the project is continuous to be delivered.”
“By the third quarter of this year, we will complete the entire welding of this work and what it means is that we can actually energise these lines by the end of the third quarter of this year,” he explained.
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