Velosi announced an increase in the budget for the group's Chevron Escravos contract in Nigeria

Source: www.gulfoilandgas.com 11/2/2007, Location: Africa

Velosi announced that there has been an increase in the budget for the Groups Chevron Escravos contract in Nigeria. The Technical Support Services Contract for the Escravos Gas to Liquid Project was initially secured from Chevron Nigeria Limited in February 2005 at a contract value not exceeding US$10 million. Via a letter of intent received from Chevron dated 18 September 2007, this contract value has now been increased to a maximum of US$20 million, while the contract completion date remains unchanged at 31 December 2009.

Under the scope of this contract Velosi provides Inspection and Technical personnel for the construction and installation of hydro and distillate processing facilities and pipelines both onshore and offshore at Escravos, situated approximately 100 kilometres south east of Lagos, Nigeria. The completed facility will convert natural gas to clean transportation fuels for markets in Europe and around the world.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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