Nigeria negotiates $15bn oil, gas investments with India

Nigeria negotiates $15bn oil, gas investments with India

The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, yesterday in India, negotiated a $15 billion investment with the Indian government.The minister, who is currently on a three-day visit to India, concluded talks on investments in Nigeria’s oil and gas sector in a bilateral meeting with his Indian counterpart in charge of petroleum and natural gas, Shri Dharmendra Pradhan.Both countries have agreed to work on a memorandum of understanding to facilitate investments by India in the Nigerian oil and gas sector and specifically in areas such as term contract, participation of Indian companies in the refining sector, oil and gas marketing and upstream ventures.Nigeria’s petroleum ministry spokesman Idang Alibi said in a statement that other areas are the development of gas infrastructure and the training of oil and gas personnel in Nigeria.The MoU is expected to be firmed up in December 2016 during the 12th International Oil and Gas Conference and Exhibition, Petrotech-2016, at New Delhi.Both ministers also agreed to strengthen the existing cooperation in the oil and gas sector, and in particular to explore investment opportunities for Indian public and private sector companies in Nigeria.Nigeria is one of the largest trading partners of India in Africa which is dominated by import of crude oil and gas from Nigeria.Meanwhile, Nigeria is expecting a rise in oil production of 22 per cent by the end of December, to 2.2 million barrels per day from the present lev…

Be the first to comment on "Nigeria negotiates $15bn oil, gas investments with India"

Leave a comment

Your email address will not be published.