Business
NNPC, Russian oil firm sign pact on upstream operations, others
NIGERIA and Russia on Thursday signed a Memorandum of Understanding (MoU), that would allow the Nigerian National Petroleum Corporation (NNPC) and Russia’s Lukoil to elevate the commercial relationships to a government-to-government backed partnership.
With this agreement, the two firms will work together in upstream operations and revamp Nigeria’s refineries.
A statement issued by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said the Group Managing Director of NNPC, Mele Kyari and Vagit Alekperov, President of Lukoil, signed the agreement.
According to him, the agreement entails cooperation in deep offshore oil exploration in Nigeria.
The signing of the agreement, which took place on the sidelines of the Russia-Africa Summit, was witnessed by the Minister of State for Petroleum, Timipre Sylva.
Earlier in his remarks at a meeting with Russian President, Vladimir Lenin, President Muhammadu Buhari said Nigeria was prepared and willing to work with Russian businesses “to improve the efficiency of our oil and gas sector which provides us with the much-needed capital to invest in our security, infrastructure and economic diversification programmes.”
While taking note of the agreement between NNPC and Lukoil, President Buhari gave an assurance that his administration would “ensure this initiative is implemented within the shortest possible time.”
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