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News

NNPC seals deal with Russian oil company, Lukoil

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: October 25, 2019
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2 Min Read
President Muhammadu Buhari held a bilateral meeting with President Vladmir Putin of Russia at the sidelines of the Russia-Africa Forum in Sochi
President Muhammadu Buhari during a bilateral meeting with President Vladimir Putin of Russia at the sidelines of the Russia-Africa Forum in Sochi
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Nigeria and Russia Thursday in Sochi, Russia, signed an important Memorandum of Understanding (MoU), which will enable both countries’ oil giants, Nigerian National Petroleum Corporation (NNPC) and Russia’s Lukoil to elevate commercial relationship to a government-to-government backed partnership.

With the signing of the MoU, NNPC and Lukoil will work together in upstream operations and revamp Nigeria’s refineries.

Group Managing Director of NNPC, Mele Kyari and Vagit Alekperov, President of leading Russian oil company, Lukoil, 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.

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Earlier in his remarks at a meeting with Russian President Vladimir Lenin, 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”.

While taking note of the agreement between NNPC and Lukeoil, President Buhari gave an assurance that his administration will “ensure this initiative is implemented within the shortest possible time.”

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ByMuhammad A. Aliyu
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Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
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