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‘Samsung invests $400m in Nigeria’s oil & gas sector’

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Global shipbuilding firm, Samsung Heavy Industries (SHI) has committed over $400 million as tax revenue and investment in Nigeria’s oil and gas sector.

The company said it has been investing the money since it was awarded the contract to build the Floating Production Storage Offloading (FPSO) unit for the 200,000 barrels of crude oil per day Egina deepwater field.

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Insider sources say the company also contributed $100 million of tax revenue so far, in addition to providing approximately $300 million of investment into SHI-MCI-FZE, and thousands of Nigerians with education, training and employment.

Samsung currently has a dispute between the Global Resource Management Free Zone Company (GRMFZC), LADOL’s free-zone management, which relates to GRMFZC’s refusal to renew SHI-MCI-FZE’s Operating Licence for the free-zone, situation expert say might jeopardize further investments.

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A close source to the deal who craves  abnormity because of the sensitivity of the matter said even federal government’s intervention does not seem to have worked.

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