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'Niger Delta Impasse Threatens Foreign Investment'
21 Aug 2006
Country: Nigeria

A Liquefied Petroleum Gas firm, Global Energy and Refinery said it has lost a sum of S2.2milliom to the increasing wave of violence in the Niger Delta, saying the crises in the region is a threat to foreign investment in Nigeria.

The Vice President of the company, Dominic GBenoba who disclosed this recently, explained that the loss arose from the attacks on Shell Petroleum Development Company gas facilities which supply associated gas from its fields to Global Energy Refinery's vessel stationed at Bonny, Rivers state.

G,Benoba said the development is unfortunate, adding that it is a great threat to the efforts of the federal government at mobilising foreign direct investment in Nigeria.

He however admonished the Federal government to set in motion, moves to ensure early resolution of the internecine crises in the oil rich region.

Business Trust gathered that more than 65 foreign oil workers have been kidnapped since January this year.

Besides, the nation has lost over S11billion of crude oil while the cost of repairing damaged facilities is still hanging on the neck of the country like an albatross.

Daily Trust

Copyright: 2006 Daily Trust


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