Nigeria and Russia on Thursday in Sochi, Russia, signed a 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 signing of the MoU, NNPC and Lukeoil will work together in upstream operations and revamp Nigeria’s refineries.
NNPC Group Managing Director, 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.
A statement by the Senior Special Assistant on Media and publicity, Malam Garba Shehu, said 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 our security, infrastructure and economic diversification programmes,” pointing out that his administration will “ensure this initiative is implemented within the shortest possible time.”