Nigeria and Russia have 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.
With the signing of the MoU today, October 24 in Sochi, Russia, NNPC and Lukeoil will work together in upstream operations and revamp Nigeria’s refineries.
The 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.
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 had earlier said that Nigeria is prepared 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”.
President Buhari gave an assurance that his administration will “ensure this initiative is implemented within the shortest possible time.”