Stella Dimoko Korkus.com: Nigeria's NNPC Signs MoU With Russian Oil Company LUKEOIL

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Friday, October 25, 2019

Nigeria's NNPC Signs MoU With Russian Oil Company LUKEOIL

Nigeria and Russia Thursday in Sochi, Russia, signed an important Memorandum of Understanding (MoU), which will enable both countries’ oil giants, Nigerian National Petroleum Corporation (NNPC) and Russia’s Lukeoil to elevate commercial relationship to a government-to-government backed partnership.







The signing ceremony, which took place on the sidelines of the Russia-Africa Summit, was witnessed by the Minister of State for Petroleum, Timipre Sylva.

With signing of the MoU, NNPC and Lukeoil will work together in upstream operations and revamp Nigeria’s refineries.

Group Managing Director of NNPC, Mele Kyari and Vagit Alekperov, President of leading Russian oil company, Lukeoil, signed the MoU, which entails cooperation in deep offshore exploration of oil in Nigeria, production, trading and refining.


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 Lukeoil, President Buhari gave an assurance that his administration will “ensure this initiative is implemented within the shortest possible time.

4 comments:

  1. Nigeria should be looking beyond crude oil at this time. The world is already moving away from that in the shortest distant time. Agriculture and local productions should be given much consideration at this time. Over dependant on oil isn't helping the country to explore other sector effectively.

    ReplyDelete
  2. funny right? but lets wait and see

    ReplyDelete
  3. Nigeria's over dependence on oil is suffocating. If only the folks ruling know how over dependence on it will do to the country in future. Agriculture could be developed to rival proceeds from oil but they won't hear



    Btw, Russian President is Vladimir Putin and not Vladimir Lenin

    ReplyDelete
  4. Is there no something else to gain from this alliance apart from oil?

    ReplyDelete

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