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Thursday, April 29, 2004

OPIC Board Approves $325 Million in Financing for Natural Gas Project in Nigeria

WASHINGTON, D.C. – The board of directors of the Overseas Private Investment Corporation (OPIC) today approved $325 million in financing for an offshore natural gas liquids (NGL) project in Nigeria that will contribute to the reduction of gas flaring and associated carbon dioxide emissions in the country.

OPIC will provide an investment guaranty to finance the project, which is owned by a joint venture between Mobil Producing Nigeria Unlimited, a wholly-owned subsidiary of Exxon Mobil Corporation, and the Nigerian National Petroleum Corporation. The project covers the construction and operation of an offshore NGL extraction platform, undersea pipeline infrastructure, and onshore fractionation and storage facilities. The project will extract propane, butanes and pentanes plus for export. The project represents an expansion of the joint venture’s existing NGL extraction and fractionation operations. Mobil Producing Nigeria will operate the project on behalf of the joint venture.

The complex is expected to produce 15 million barrels of NGL annually and generate annual revenues of about $214 million.

“Both the Nigerian and U.S. governments are committed to increasing Nigeria’s NGL reserves and production levels, while at the same time improving health and environmental standards. This project will help Nigeria achieve both goals,” said OPIC President Dr. Peter Watson. “By collecting and processing gases, the project will contribute to the reduction of gas flaring at nearby offshore sites and related carbon dioxide emissions. We at OPIC are pleased to participate in this valuable project.”

OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.

Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported nearly $200 billion of investment in over 4,000 projects, generated $74 billion in U.S. exports and supported more than 275,000 American jobs.