EMEKA OKOROANYANWU
Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, is in talk with Saudi Arabia officials over investment opportunity in Nigeria’s oil and gas sector.
The Ministry of Petroleum Resources in a series of tweets last week revealed that Kachikwu, who is currently on an official visit to Saudi Arabia, is there to discuss “areas of shared investment interests and existing viable investment options in the midstream and downstream sector”.
In another tweet, it said Kachikwu held talks with Saudi Arabia’s energy minister, Khalid al-Falih and Saudi Aramco officials to “cement the budding interest to support Nigeria’s infrastructure development in the oil sector”.
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The talks between the two oil ministers are the most recent between the two countries.
The move could be a result of last month’s hint by the Nigerian National Petroleum Corporation, NNPC, that it was in talks with different companies on how to revive Nigeria’s moribund refineries to save billions of dollars on fuel imports for the country.
Aramco is expanding downstream operations such as refining and petrochemicals production as part of its drive to become the world’s largest integrated energy firm.
Nigeria imports the bulk of its petrol, despite being Africa’s biggest crude oil producer, due to its dilapidated refineries.