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Oranto and Rosneft Partner Up

Sunday, May 27, 2018

Oranto Petroleum has teamed up with Russia’s Rosneft to develop 21 oil assets across Africa. The Nigerian and Russian firms will sign a MoU on the projects to get the cooperation kick-started.

 

“Oranto is planning a big cooperation with Rosneft, that collaboration is going to include upstream, midstream and downstream in Africa. We’re looking at 21 oil assets in 17 African countries,” an official from Oranto told S&P Global Platts. “We are looking at how Africa is going to be a big part of Russian investment.”

Rosneft currently holds a stake in Egypt’s massive Zohr gas field and some assets in Mozambique. The deal with Oranto will help broaden the Russian firm’s footprint in Africa.

“For us bringing Russia into Africa is really important and having Russian companies in Africa is going to be amazing…,” the official told Platts, adding that US sanctions on Russia won’t be a problem for the Nigerian-Russian cooperation because transactions would be made either in Nigeria’s currency, the naira, or in Russian rubles.

“Rosneft has great technology and if Rosneft comes to Africa and works in Africa it means that they are bringing technology to Africa. They [will be] transferring knowledge to Africa and developing Africa,” the official from Oranto said.


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