Oso Condensate Project Act

Arrangement of Sections

3. or asset of the Corporation.

4. porate or unincorporate), or take any other action as it may deem necessary and appropri-

5. Oso field located in the area of Oil Mining Lease 70 in Offshore Eastern Nigeria, jointly

An Act to authorise the Nigerian National Petroleum Corporation to borrow mone y

in any currency for the carrying out of the Oso Conden s ate Project and for other

matter s connected therewith.

[1990 No. 15.]

[25 th May , 1990]

[Cornmencernent.]

Power to borrow in any currency, etc.

Corporation (in this Act referred to as “the Corporation”) shall be empowered, subject to

the provisions of this Act, to borrow money in any currency and on such terms and condi-

tions as the Board of the Corporation may deem necessary to carry out the Oso Conden-

sate Project (in this Act referred to as “the Project”).

of this section, the Corporation may borrow any amount of money whatsoever.

sue and be sued in its corporate name.

Power to give security, etc.

effect of the Project, pledge any of the money, revenue, assets or may create escrow ac-

counts outside Nigeria from which shall be repaid capital and interest on any amount of

money received by the Corporation for the Project.

Corporation, the receipt of any loan for the Project or in the exercise of the powers con-

ferred upon it by section 1 (1) and subsection (1) of this section shall be enforceable by

ordinary legal process, execution, attachment or any other process in the nature of at-

tachment.

assets set aside by the Corporation for the Project and shall not apply to any other account

or asset of the Corporation.

or asset of the Corporation.

3. Power to enter into agreement

The Corporation may enter into any arrangement or agreement with any person (cor-