The Nigerian National Petroleum Corporation, NNPC, Sunday, said it planned to engage private investors, under the Finance, Build, Operate and Transfer, BOT, model, to rehabilitate the country’s dilapidated and aging pipelines and other downstream assets.

In a statement in Abuja, Group Managing Director of the NNPC, Mallam Mele Kyari, stated that no fewer than 78 companies submitted virtual bids, indicating their willingness to undertake the rehabilitation of critical downstream pipelines, associated depots and terminal infrastructure of the NNPC, through the model.

According to him, the model became imperative in the NNPC’s journey to rehabilitate its downstream infrastructure which over time had become vulnerable, lost value and integrity due to age and incessant vandalism. Kyari, stated that some of the assets were as old as 40 years and were long overdue for replacement.

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Source: SweetCrudeReports