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Shell partners UBA to boost support fund by $200m



Shell partners UBA to boost support fund by $200m

Shell Petroleum Development Company of Nigeria Limited (SPDC) has entered an agreement with the United Bank for Africa (UBA) to increase the size of the oil major’s contractor support fund by $200m.

The details of the Memorandum of Understanding (MoU) which was signed in Abuja on Friday was contained in a statement on Sunday.

With this latest move, the fund size of Shell has risen to $2.4bn.

While signing the MoU on behalf of SPDC, Bashir Bello, the Director and General Manager, Government and Business Relations of the company, described the initiative as a product of the continuous effort by the SPDC and its joint venture partners – the Nigerian National Petroleum Corporation, (NNPC), Total and Agip – to enhance Nigerian content and local participation in the nation’s oil and gas value chain.

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Bello said, “Findings indicate that lack of access to capital hinders many Nigerian companies from competing for and executing contracts effectively.

“This funding will enable us to achieve our community content ambition of increasing participation of host communities in the SPDC value chain.”

The General Manager, Energy Bank of UBA, Ebele Ogbue, who signed the agreement on behalf of his firm affirmed the bank’s commitment to providing support for development of the oil and gas industry.

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