Phillips Petroleum Company has announced that its wholly owned subsidiary, Phillips Oil Company (Nigeria) Ltd, will invest USD 85 million for a 20% share of a new independent power project to be built near Kwale, Nigeria, in Oil Mining Lease (OML) 60. Phillips’s co-venturers in OML 60, Nigerian Agip Oil Company and Nigerian National Petroleum Company, will also invest in the power project with 20% and 60% interests, respectively. The Kwale power plant will cost USD 425 million and is expected to start up in 2004. The Nigerian government has provided significant tax and other incentives to the project.
