Oyo state government has signed a memorandum of understanding (MoU) with Shell Nigeria Gas to extend its gas pipeline infrastructure into the state to improve energy, power supply, and boost industrialization.
Governor Seyi Makinde signed the MoU together with the Managing Director of Shell Nigeria Gas, Mr. Ed Ubong at the executive council chamber of the Governor’s office, secretariat, Agodi, Ibadan.
Shortly after the signing, Governor Seyi Makinde explained that the project upon completion would help industries reduce reliance on fuel to run their businesses, expand the frontiers of investment in the state and equally make Oyo state assist the federal government in monetizing its gas resources.
While noting that Oyo state would thereafter possess enormous advantages for the siting of industries, Governor Makinde disclosed that the project would be financed and operated by Shell for 15 years after which it would be transferred to the state government.
In his address, the managing director of Shell Nigeria gas, Mr. Ed Ubong maintained that apart from fostering accelerated development in the state, the project would also generate employment, skills development, provide uninterrupted access to power and also boost the state internally generated revenue (IGR).
He added that once the paper works and other logistics are completed, the project will be executed soonest.
The Deputy Governor of the state, engineer Rauf Olaniyan, top government functionaries, as well as the commissioner for energy and mineral resources, barrister Seun Ashamu were present at the brief event.