NTPC and Essar evinces interest for gas, oil exploration in Nigeria

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Kolkata, Mar 26(UNI) NTPC and Essar have evinced interest for oil and gas exploration in Nigeria as the African nation has invited Indian companies to invest in its power sector.

" We are seeking investment in the power sector from Indian companies. Essar and NTPC have expressed interest in taking crude and gas blocks and in turn to invest in power sector," Nigerian Investment Promotion Commission CEO Mustafa Bello said here today.

Speaking on the sidelines of the second CII-Nigeria-India business and investment forum, Mr Bello told reporters that Essar had sought crude blocks while NTPC had sought LNG from Nigeria and both had made presentations to the government sometime back.

" If Essar and NTPC take oil or gas blocks, they would invest in power sector," Mr Bello, who was leading a traded delegation, said.

Nigeria currently produces 4,000 MW of power and aims to touch 10,000 MW in near future.

Mr Bello said Tatas were opening an office in Nigeria at a cost of five million dollars and were planning a greenfield luxury hotel.

He said the total trade between Indian and Nigeria was estimated at 79,224.22 million dollars in 2006-07.

UNI KDG KK/src1954

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