People & Money

$800million Worth Contract Awarded To Nigeria Companies By Shell 2021

Shell Companies in Nigeria (SCiN), awarded contracts worth $800 million awarded to Nigerian companies in 2021. The same value of contracts was offered to the same set of groups in the previous years.

In 2020, 100 percent of skin contracts, worth $800 million, were awarded to Nigerian companies. In 2020, SCiN provided access to nearly $1.5 billion in loans to 764 Nigerian vendors under the Shell Contractor Support Fund, since 2012. SCIN further emphasized the importance of reducing the oil and gas industry’s reliance on imports and creating new markets in the country.

Also Read: Shell to Close Major Refinery Amid Pandemic-related Slump in Fuel Demand

The managing director and chairman of SCIN, Osagie Okunbo at an occasion in 2021 said: “At Shell, we recognize that local content is key to surviving a post-COVID 19 pandemic world, and Shell will continue to invest in this space,”

“We remain committed to building capacity and competence in the country to enable more Nigerians to participate directly and indirectly in the gas value chain and pump more money into the local economy by supporting Nigerian companies.”

He said Shell was also investing in a gas portfolio to increase supply for Nigerian and international customers via an expanding network of plants, pipelines, and export terminals.

Okunbor said they were being developed with joint venture partners, the Nigerian government, and communities.

“Harnessing our vast gas resources is key to the development of the country,” Okunbor said.

Also Read: Rivers, Shell Launch Board for New Gas Venture

“Natural gas gives us the ability to lift millions of people out of energy poverty, giving them the power to improve their physical health, wellbeing, and standard of living.

“It also gives us a pathway to economic growth and development.

“This is not only through direct exploration and trading of gas resources but by providing reliable power supply for the manufacturing and industrial sectors which are the major growth engines for developing economies.”

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