Nigerian Senate has summoned the Minister of State for Petroleum Resources, Ibe Kachikwu, to appear before its committees on Petroleum Upstream; Gas and Foreign Affairs, to give a detailed explanation on the Memorandum of Understanding (MOU) signed on a $15 billion investment with India for an upfront payment for crude purchases, and its anticipated impact on Nigerian economy.
The resolution of the Senate followed the motion sponsored by Senator Clifford Ordia from Edo Central who led the debate on the need for a full explanation of the $15billion proposed MOU with India and over $80 billion MOU signed by the Minister with Chinese Firms.
Senate President, Bukola Saraki, in his comment, said: “It is important that matters like this that have to deal with crude oil processing are brought before the National Assembly to ensure transparency. We must also appreciate the efforts of the Minister for coming up with it as it will go a long way to boost our economy and technology. But, again, we must ensure that it is transparent by making us understand the roles clearly.”
Senate also noted that the Minister carried out a Road Show in China where an MOU worth over $80 billion to be invested in the Oil and Gas Industry was signed, observing that outside these MOUs, the two largest oil companies in China, Sinopec and CNOOC signed investment MOUs with the minister.