‘Samsung invests $400m in Nigeria’s oil & gas sector’

January 22, 2019 by Don Saint 0 Comments

Global shipbuilding firm, Samsung Heavy Industries (SHI) has committed over $400 million as tax revenue and investment in Nigeria’s oil and gas sector.

The company said it has been investing the money since it was awarded the contract to build the Floating Production Storage Offloading (FPSO) unit for the 200,000 barrels of crude oil per day Egina deepwater field.

Insider sources say the company also contributed $100 million of tax revenue so far, in addition to providing approximately $300 million of investment into SHI-MCI-FZE, and thousands of Nigerians with education, training and employment.

Samsung currently has a dispute between the Global Resource Management Free Zone Company (GRMFZC), LADOL’s free-zone management, which relates to GRMFZC’s refusal to renew SHI-MCI-FZE’s Operating Licence for the free-zone, situation expert say might jeopardize further investments.

A close source to the deal who craves abnormity because of the sensitivity of the matter said even federal government’s intervention does not seem to have worked.

News

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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