Lere Ojedokun
27 July 2005
Lagos — Three Korean firms have submitted joint proposals to the Federal Government on plans to build a gas-fired power station that can generate 2,250 megawatts of electricity yearly.
This is in addition to the building of a 1,200 kilometre gas pipeline that would serve as the engine room of the power station.
The companies are Korean Electric Power Corporation (KEPC), Korean National Oil Corporation (KNOC) and POSCO Engineering and construction while another one, Daewoo Ship Building and Marine Engineering has indicated willingness to make further investment in the nation's oil subsector.
Towards actualising the plans, President Olusegun Obasajo Monday set up a committee, chaired by the Minister of State for Petroleum Resources, Dr. Edmund Daukoru, to hold talks with the four companies.
The move was said to be part of renewed efforts by government to raise power generation in the country and improve the railway system.
A statement from the office of the Senior Special Assistant to the president on Media Mrs Oluremi Oyo, said the committee was put in place after a meeting between President Obasanjo and chief executive of the Asian firms.
The President, it was noted, extend invitation to POSCO to look at the country's railway system and possible participation in its reconstruction while urging the firms to live up to their commitment in the country.
Earlier, leader of the delegation, Mr. Young Kang said they were encouraged to invest in Nigerian economy because of the conducive atmosphere already created by the current administration.
"We are determined to fulfil our promsie of investing in as many sectors of the Nigerian economy as possible", he stressed.
Membership of the committee also includes the minister of Power and Steel, Senator Liyel Imoke, minister of Transports, Dr. Abiye Sekibo and managing director, Power Holding Company of Nigeria Plc (PHCN), Mr. Joseph Makoju and Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Mr. Funso Kupolokun.
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