STATE-OWNED Nigerian National Petroleum Corporation (NNPC) is evaluating a fresh funding approach to its investments in Nigeria's upstream scene, writes Barry Morgan. A senior NNPC executive said last week that existing joint ventures would be replaced with so-called Incorporated Joint Ventures (IJVs). These will allow NNPC and major partners to operate independently to tap debt and equity in order to secure capital for projects and deliver dividends to shareholders.
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