Nigeria and Saudi Arabia have finalised on new Oil and Gas investments partnership that will take off first week of May when the two countries sign an agreement.
Saudi Arabia Energy minister Khalid bin Abdulaziz Al-Falih who was locked in bilateral meeting with Nigeria’s Minister of State for Petroleum Resources, Emmanuel Kachikwu two days ago said his team will drafting an outline of the MOU in consonance with Nigeria and consequently move through the bureaucratic channels of getting the requisite approvals and endorsements.
The Organisation of Oil Exporting Countries (OPEC) Governors for the two countries, Eng. Adeeb Y. Al-Aama (Saudi Arabia) and Dr. Omar Farouk Ibrahim (Nigeria) have already been nominated to fast track the process for official endorsements and signing.
The agreement will in principle opens the doors for Nigeria to potentially benefit from Saudi Arabia’s and effectively, Saudi Aramco’s recent aggressive oil sector investments across the globe.
Areas of interest will cover existing refinery revamp, building of a brand new refinery, LNG investments and product supply trading in crude and refined products. H.E Khalid Al Falih also reiterated the possibility of establishing an independent refinery in Nigeria as the country considers Nigeria as the best hub to reach other African countries.
Nigeria and Saudi Arabia has over the decades enjoyed a robust bilateral relationship and Kachikwu is optimistic that has the MoU will further cement the cordial relationship between both Nations.
Nigeria aims to leverage on the huge success of the Saudi Government in the sector while namechecking Saudi Aramco’s turnover of over $200 Billion in the last year.
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