THE ministers of state for petroleum of India and Nigeria, Shri Dharmendra Pradhan and Emmanuel Ibe Kachikwu have agreed closer cooperation which could include a US$15bn investment into the Nigerian oil sector.
The purpose of the meeting between Pradhan and Kachikwu was to discuss ways to diversify the engagement and cooperation between the oil and gas sectors in the two countries, and look at potential investment opportunities for both public and private Indian companies into the Nigerian industry. Pradhan and Kachikwu agreed to discuss the terms of a memorandum of understanding for the potential US$15bn investment. If a final agreement can be reached, the investment will include crude purchase, collaboration in the refining sector, exploration and production, long-term supply contracts and the possibility of Indian firms investing in city gas distribution (CGD) and LPG infrastructure projects in Nigeria.
Pradhan invited Kachikwu to participate in Petrotech 2016, a major international oil conference which this year will be held in New Delhi from 5–7 December. The two ministers will meet again at the conference, where they plan to finalise the MoU.
Kachikwu has been on a three-day official state visit to India, which included meetings with executives from private and public oil and gas firms, and met his Indian counterpart in New Delhi. Nigeria is an important oil trading partner for India. In 2015–6, almost 12% of oil imported into India came from the West African nation, a total of 23.7m t.
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