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Sunday, January 18

Dubai to invest in Nigerian oil sector --Landmark agreement signed by Dubai World and Federal Republic of Nigeria

Landmark cooperation agreement signed between Dubai and Nigeria: Dubai World Chairman His Excellency Sultan Ahmed bin Sulayem (right), shakes hands with the Attorney General of the Federal Republic of Nigeria and Minister of Justice, Honourable Chief Michael Kaase Aondoakaa, San, during the signing ceremony in Abuja. The Nigerian Ambassador to the United Arab Emirates, His Excellency Alhaji Bashir Yuguda (centre), looks on:

DUBAI, United Arab Emirates (AP) - Dubai said Sunday it has reached a deal with Nigeria to invest in the African nation's conflict-ravaged oil industry and other sectors of the economy.
Under the deal, Dubai Natural Resources World, a subsidiary of state-owned conglomerate Dubai World, would manage the development and output of Nigeria crude oil and gas reserves. Dubai World called the agreement "far reaching," but provided few details, including the financial terms.

Dubai Natural Resources World spokesmen said they could not clarify what specific areas of Nigeria's energy sector were involved, nor were they willing to provide additional details about the agreement or make officials available to comment.

Abuja - 18th January 2009: Dubai World, one of the largest holding companies in the world, announced today that it has signed a far-reaching cooperation agreement with the Government of the Federal Republic of Nigeria for investment in a number of key sectors in the Nigerian economy.

far-reach·ing (fär'rē'chĭng)
adj. Having a wide range, influence, or effect: the far-reaching implications of a major new epidemic.

I can't even begin to imagine...

I can't help but wonder about who the investors are in this DNRW (Dubai Natural Resource World
Mohammed Sharaf, CEO of Dubai World subsidiary DP World, said in a statement on Saturday that the resource-rich continent needed more investment and joint ventures with foreign companies.

“What African countries need are partners who want to tap into all their resources, including human resources, and profit from the growth of the entire economy, the type of growth that is a benefit for all,” Sharaf said.

However, Sharaf warned foreign investors should not exploit Africa's natural resources, urging companies to contribute to local economies.

I still can't find any names...

nothing but "UAE Companies"



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