By Xinhua,
Lagos : Nigeria’s state-run oand French group Elf Petroleum Nigeria Limited (EPNL) have signed a 1 billion-U.S. dollar financial deal, the NNPC said Friday.
Under the deal, the EPNL will finance NNPC’s upstream operations in the NNPC/EPNL joint venture projects in 2008 with repayment and compensation in cash, a NNPC statement said. The repayment was made with oil in the past.
The EPNL is the first partner to sign agreement with NNPC on financing arrangements.
Nigeria, Africa’s largest oil producer, has had difficulty fulfilling its joint venture financial obligations.