Oil & Gas

Oyo Govt signs MoU with Shell to boost economy, industrial growth

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Mr Seun Ashamu, the Oyo State Commissioner for Energy and Mineral Resources, said the state government has signed a Memorandum of Understanding (MoU) with Shell Nigeria Gas (SNG), to attract investments and boost its economy.

Ashamu stated this in a statement signed by Mr Taiwo Adisa, the Chief Press Secretary to Gov. Seyi Makinde, in Ibadan on Sunday.

According to Ashamu, the incumbent administration in the state is determine to boost the state’s economy and Internally Generated Revenue (IGR) in a record time.

Ashamu said the MoU was part of efforts to increase the economic potentials of the state through the availability of gas, adding that the people of the state would benefit more from the agreement.

“The project is timely and it will aid the industrialisation drive embarked upon by the government.

“And this will assist us to attract big businesses, aid in industrial development and also securing our state.

“An international company like Shell coming to Oyo State shows the ease of doing businesses, the investment potentials of the state, and the type of administration that the governor is running.”

“As part of the achievements of Gov. Makinde’s administration, the SNG will assist the state government to develop its gas masterplan, which intended to cover the state and will be driven by demand, while the state will also benefit from a percentage of the revenue from gas sales.

“The SNG will carry Oyo State Government along in terms of employment and skill development, the project will create employment for the citizenry, provide more means of livelihood and also increase IGR of the state as a result of industrialisation.” Ashamu was quoted as saying in the statement.

According to him, the agreement entails the provision of a Gas Pipeline Infrastructure Project to be run on a Build, Operate and Transfer basis for 15-years.

The News Agency of Nigeria reports that the Oyo State Government and SNG had signed the MoU, on Sept. 30, to fast track extension of the company’s gas pipeline infrastructure in the state.

The agreement was sealed by Gov. Seyi Makinde and SNG representative Mr Ed Ubong.

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