Continental Focus, International Reach

MoU in the Works for Nigeria/Saudi Arabia Partnership

Monday, April 29, 2019

Nigeria and Saudi Arabia plan to draft a MoU on an oil and gas partnership. The partnership could lead to a new refinery for Nigeria. The MoU is also aimed at acquiring investments in Nigeria’s LNG sector.

Minister of State for Petroleum Kachikwu said an early draft of a MoU would be ready in the first week of May.

“Areas of interest will cover the existing refinery revamp, building of a brand new refinery, LNG investments and product supply trading in crude and refined products,” the ministry said in the statement.

The statement went on to say that Saudi’s energy minister, Khalid Al-Falih had reiterated the possibility of establishing an independent refinery in Nigeria, considering it the best hub from which to reach other African countries.