QIPPL signs deal with A-Ibom on $1.1bn power project

Thu Jul 12th, 2018 - Akwa Ibom

By Ediri Ejoh

UYO—QUA Iboe Power Plant Limited, QIPPL, the promoter of the Qua Iboe Power Plant, yesterday, signed a partnership agreement on investing about $1.1billion into the power plant and an additional $500million for gas in Akwa Ibom State.

Udom Emmanuel

The project, according to the company, is a move to proactively establish a positive relationship with neighbouring communities in the state as well as develop sustainable programmes for accelerated socio-economic development in the communities.

Speaking during the signing ceremony, the state Governor, Udom Emmanuel, applauded QIPPL for its commitment to invest $1.1billion in the power plant and an additional $500million for gas, adding that the signing of the MOU was one of the solutions that will solve the country’s gas challenges.

QIPPL was initiated by ExxonMobil to boost power supply in the country in line with Federal Government’s roadmap on power generation.

He assured the company of his government’s support and commitment to the realization of the goal, saying “I am always glad to be associated with something that will drive employment, provide the bases for industrialization and I think the QIPP is just one of them.”

However, Chief Executive Officer, QIPPL, Mr. Brian Herlihy, commended the governor for his support and assuring that the project comes on stream and commence construction before the end of 2018.

He said that the company was investing $1.1 billion in the QIPP project, adding that over 12,000 people from Akwa Ibom would be employed during the construction of the project.




source: Vanguard