Connect with us


NNPC, Russian oil firm sign pact on upstream operations, others



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.”



Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now