May 17, 2016 - 9:20 PM EDT
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Fox Petroleum Plans Investment in Nigerian Oil Industry

A New Delhi-based petroleum company, Fox Petroleum Energy Trading Nigeria Ltd., on Tuesday said it would soon commence its investment in the exploration and processing of crude oil in Nigeria.

Mr Kabo Sunday, the company's Managing Director/Country representative (Nigeria), told the News Agency of Nigeria (NAN) in Abuja they would be investing billions of dollars in the Nigerian petroleum sector.

NAN reports that Fox Petroleum, an oil company with keen interest in oil and gas sector, power generation and distribution, is in joint venture with Newpal Nigeria Ltd.

He said the company, which has as its Chairman/Managing Director, Mr Ajay Kumar, was already working with Federal Government's institutions for the needed approval.

"Recently, Fox Petroleum signed a Memorandum of Understanding (MoU) of a $1.3 billion deal between an Indian arm of the companies and the government of Karnataka in India.

"Some of the objectives of the MoU were for Fox Petroleum to set up Floating Storage Re-Gasification Unit (FSRU) with Storage Capacity Plant of LNG in Karnataka, while creating 3,000 new jobs with a guarantee to hire 90 per cent local youths.

"We are also finalising our arrangements with relevant agencies and institutions to invest in the Nigerian oil industry to boost the sector and the county's economy," Sunday said.

He added that the company was already negotiating with the owner of a virgin oil bloc in the country for exploration.

"We are not just interested in exploration of crude oil. We also have special interest in contributing to local processing of the products.

"What we intend to do after acquiring the bloc is to deploy our technical team to the site to determine the quantity of oil in the bloc so as to know the type and size of modular refinery to install.

"We believe that the setting up of modern refineries was key in meeting the local demand for refined petrol in the country and that is what we are targeting."

Sunday expressed optimism that the company's efforts would increase locally-refined petroleum products, and also boost the country's revenue generation and employment opportunities.

"I also believe that this will on another hand help in ameliorating the fuel crisis, including the long queues being experienced in the country."(NAN)

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Source: News (May 17, 2016 - 9:20 PM EDT)

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