Nigeria and Russia have signed a Memorandum of Understanding (MOU), which will enable both countries’ oil giants, Nigerian National Petroleum Corporation (NNPC) and Russia’s Lukeoil improve commercial relationship.
The MOU will enable NNPC and Lukeoil work together in upstream operations thereby revamping Nigeria’s refineries.
NNPC Group Managing Director, Mele Kyari and President of leading Russian oil company, Lukeoil, Vagit Alekperov signed the MoU, which entails cooperation in deep offshore exploration of oil in Nigeria, production, trading and refining.
A press release by the Senior Special Assistant on Media and publicity to President, Malam Garba Shehu, stated that 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.
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 security, infrastructure and economic diversification programmes,” pointing out that his administration will “ensure this initiative is implemented within the shortest possible time.”
This trade between both countries is expected to revamp the Nigeria economy and bring significant development to the country.