Past 2017 top best forum
Today's Date
Nigeria free 2018 Gallery
9ja NOTICE: You are currently viewing this website as a Guest and are restricted from viewing some vital information. For more permissions on Earlyface.com.ng? Like posting Comments, Topics and Uploading contents without Verification And Moderator's approval. Fast loading and quick accessibility. Registration is required. Please Login or Register now to gain full access. It is fast and free!!

CLICK HERE NOW TO BECOME EARLYFACE MEMBER...


Author Topic: FG Offers To Sell Omotosho Power Plant To Chinese Firm  (Read 103 times)

0 Members and 1 Guest are viewing this topic.

Offline MEGAX

  • VIP MEMBER
  • Earlyface VIP
  • *
  • Posts: 4402
  • Vote for me: +515/-80
  • Location: Abuja
FG Offers To Sell Omotosho Power Plant To Chinese Firm
« on: March 28, 2013, 06:17:56 am »
The federal government has offered to sell the Omotosho Power Station to Chinese engineering firm that upgraded the plant, the Bureau of Public Enterprise (BPE) stated. 

[/url]State-owned China Machinery Engineering Corporation (CMEC) completed the second phase of the Omotosho power plant in southwest Nigeria last month, taking total output from 375 megawatts (MW) to 500 MW. This represents more than 10 percent of the West African country’s total capacity.

The federal government wants to sell the plant to CMEC for $217.5 million, although $104 million would be offset against debts the government owes CMEC and a further $30 million would be kept for further work to be done by the Chinese firm, the BPE said in a statement on Wednesday.  China has made a number of loans in recent years to Nigeria to fund projects including a railway, aviation works, roads and power plants such as Omotosho, cementing its relationship with the energy-rich African country and also subsidising its construction industry.

Nigeria is now offering to sell the plant partly to pay back the loan. Industry experts also say power assets will be better managed and produce more electricity in company hands.

The government is breaking up the Power Holding Company of Nigeria (PHCN) into 15 firms handling generation or distribution in different parts of the country.

All of the preferred bidders for the firms that Nigeria is privatising met a deadline last week to pay a quarter of their bids, a landmark step in the process.

Although Nigeria holds the world’s ninth largest gas reserves, its total power output is around 4,000 megawatts.
   
To be getting all EarlyFace confirmed Updates (latest news in town, free browsing cheats, hottest FREEBIES, post-UTME tips, school matter and Exam stuff) for free through your Facebook and Twitter profile;
 
  • CLICK HERE to Like EARLYFACE on Facebook
  •  
  • CLICK HERE to Follow EARLYFACE on Twitter

  •    
    How To Create A Topic On Earlyface
     
    How To Create A Topic or Post On Earlyface as a Novice.

     

    Related Topics

      Subject / Started by Replies Last post
    0 Replies
    76 Views
    Last post November 27, 2012, 08:46:32 pm
    by NewWorld
    0 Replies
    60 Views
    Last post December 10, 2012, 06:41:33 pm
    by Mr.BRAIN
    0 Replies
    103 Views
    Last post May 27, 2013, 04:32:39 pm
    by SchoolBoy
    0 Replies
    117 Views
    Last post December 09, 2013, 10:30:10 pm
    by Mr Success
    0 Replies
    169 Views
    Last post January 14, 2014, 12:29:54 pm
    by smartoo
    0 Replies
    111 Views
    Last post January 28, 2014, 06:51:26 am
    by Mr Success
    0 Replies
    83 Views
    Last post January 06, 2018, 05:49:58 am
    by smith95

    Updated Topics

    NetContacts Membership Invitation by wedco893
    March 26, 2024, 06:42:58 pm

    NetContacts Membership Invitation by wedco893
    March 26, 2024, 06:26:58 pm

    CORRECT: 2024/2025 JAMB RUNS SUBSCRIPTION( REFORMED PACKAGES) by MANDINHO
    March 24, 2024, 09:11:15 pm

    UK FOOTBALL POOLS COUPON | 30TH MARCH 2024 | WEEK 39: X-02-X by wedco893
    March 24, 2024, 07:40:25 pm

    UK FOOTBALL POOLS COUPON | 23RD MARCH 2024 | WEEK 38: X-05-X by wedco893
    March 18, 2024, 06:52:10 pm

    Solve you've been logout for using unofficial Whatsapp app Gb Whatsapp problem by Wiz.gee
    March 16, 2024, 02:18:51 am

    Girls: Female's Education Ends In Kitchen by Babatunde aliyat
    March 12, 2024, 06:12:54 am


    FBLike US on Facebook.. TWFollow US on Twitter..

    Portal
    Forum
    RSS Feeds
    FAQ
    Members Intro
    Announcements
    Privacy Policy
    Terms Of Use
    Partners
    About Us

    Problem Solutions
    Global News
    Sports
    Celebs
    Politics
    Gists In Town
    General
    Song Lyrics
    Dating
    Religion

    Examination
    Post-UTME/Admission
    School News
    Online Reading
    Scholarship
    Education
    Entertainment
    Download Links
    Stories
    Fashion

    MTN NG
    9Mobile NG
    Airtel NG
    Glo NG
    World Networks
    Pc Tweaks
    Mobile Phone
    Computer Tips
    WebMaster
    Programming

    Browsing Cheats
    Net Tricks
    Health n Welfare
    Latest Jobs
    EarlyFace Group Of Nigeria © 2022