Nigeria’s NNPC said on Thursday it was planning to change the way energy joint ventures paid operating costs to help ensure smooth financing for projects that have often struggled to secure timely contributions from the state-run oil firm.
The new “incorporated joint venture” model would allow the ventures to operate as independent entities, so they could raise capital through equity or debt and then pay dividends to shareholders, NNPC said in its statement.
Under the current structure, energy firms operating the ventures cover costs and issue cash calls to NNPC for its share…
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