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Chevron : contributes $5m to HIV fund to in Nigeria

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11/21/2017 | 08:55am CET

By Prince Okafor

Chevron Nigeria Limited, (CNL), an affiliate of Chevron Corporation (Chevron), announced the disbursement of US$2.5 million donated by Chevron to the Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund), for the implementation of the Chevron-Global Fund Anti-Retroviral Treatment Service Maintenance Program (ART Program), in Delta, Bayelsa, Ondo and Lagos States.

In 2018, a final instalment of US$2.5 million will be disbursed to support these HIV programs, amounting to a total contribution of US$5 million by Chevron.

These funds are in addition to US$6.7 million earlier donated by Chevron to the Prevention of Mother-To-Child Transmission of HIV (PMTCT) in Bayelsa State of Nigeria.

“The ART Program will help bridge a critical national health gap and continue Chevron’s work in achieving an AIDS-free generation. The program will help reduce new HIV infections and improve the quality of life for people living with HIV and other affected people in the communities of the targeted states.

Additionally, it will provide Nigerians with universal access to high-quality, patient-centered prevention, diagnosis and treatment services for tuberculosis, HIV and drug-resistant tuberculosis by 2020.’

These disbursements are part of a nine-year, US$60 million commitment from Chevron to the Global Fund.

The Global Fund raises and invests nearly US$4 billion a year to support programs run by local experts to fight the three diseases in countries and communities most in need.

The Global Fund is one of the world’s largest international financier of health care programs fighting these three diseases.

According to Mr. Brikinn, “Chevron has learned through decades of experience that our success is tied to the health and prosperity of the communities where we operate.

Chevron’s social investments are developed through a participatory process and through partnerships not only with the communities who are living in proximity to our operations, but also with other stakeholders who share interests in common with our business (e.g., government, non-governmental organizations [NGOs], non-profits, development agencies, etc.)”.

The Minister of Health, Prof. Isaac Adewole thanked Chevron for the gesture and noted that the efforts of the company over the years exemplify the private sector support for health intervention programmes in Nigeria.

“We are happy about what Chevron is doing to support government’s efforts in the fight of HIV and other diseases in Nigeria. That is what we have been advocating; that the private sector should show concern about public health issues. Government cannot do it alone, and this support is needed to achieve a healthy society” Prof. Adewale remarked.

The Global Fund’s Strategy 2017-2022 outlines results targets for the partnership.

Programs supported by the Global Fund will save 14 million lives in the three-year period beginning in 2017, bringing the total lives saved by the Global Fund partnership to 36 million by the end of 2019.

Those programs will also avert up to 194 million new infections or cases of HIV, TB and malaria.

Chevron is one of the world’s leading integrated energy companies.

Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry.

Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif.

The Global Fund is a 21st-century partnership organization designed to accelerate the end of AIDS, tuberculosis and malaria as epidemics.

Founded in 2002, the Global Fund is a partnership between governments, civil society, the private sector and people affected by the diseases.

The Global Fund raises and invests nearly US$4 billion a year to support programs run by local experts in countries and communities most in need.

(c) 2017 Vanguard Media Limited, Nigeria Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 136 B
EBIT 2017 11 151 M
Net income 2017 7 982 M
Debt 2017 34 178 M
Yield 2017 3,78%
P/E ratio 2017 26,70
P/E ratio 2018 23,16
EV / Sales 2017 1,85x
EV / Sales 2018 1,71x
Capitalization 218 B
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Average target price 124 $
Spread / Average Target 8,2%
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John S. Watson Chairman & Chief Executive Officer
Patricia E. Yarrington Chief Financial Officer & Vice President
Joseph C. Geagea EVP-Technology, Projects & Services Divisions
Robert E. Denham Lead Independent Director
Ronald D. Sugar Independent Director
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