Shell Nigeria says will continue to invest in Nigeria

Shell will continue to invest in Nigeria ‘under the right conditions’, the Chairman of Shell Companies in Nigeria, Mutiu Sunmonu, said in Abuja, the Nigerian federal capital city. Speaking at the leadership lecture series at the IBB Golf and Country Club, Abuja, held as part of activities marking Nigeria’s 50th independence anniversary, Mr. Sunmonu, who is also the Managing Director of The Shell Petroleum Development Company of Nigeria (SPDC), said: ‘Shell will continue, under the right conditions, to invest in projects that would benefit the people.

‘We are not doing this because we lack investment options. We are doing it because we believe in a strong and healthy nation.’ In his lecture titled: ‘Investing in the Nigerian Oil and Gas Sector’, Sunmonu also explained the scope and philosophy behind investments made by the SPDC and its Joint Venture partners (NNPC, Total, Agip). He said that the SPDC, the oldest energy company in Nigeria, had developed a ‘long-term and continuing commitment to the country, its people and the economy, generating billions of dollars to help fund development and growth. ‘Working along with NNPC and other international oil companies, the SPDC has also made big investments in the oil and gas industry.’ Mr. Sunmonu cited the Gbaran–Ubie Integrated Oil and Gas development and Afam V1 power plant as two examples of recent investments that would further the development of Nigeria. Afam V1 power plant commenced electricity generation in October 2008, fed by gas from SPDC’s new Okoloma gas plant, while oil and gas production from Gbaran–Ubie began in July this year.