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Business Economy


India, Nigeria agree to work on MoU for investment in oil, gas sector

New Delhi, Oct 17 (UNI) India and Nigeria have agreed to work on a Memorandum of Understanding to facilitate investments by India in the Nigerian Oil and Gas sector and include areas such as Term Contract, participation of Indian Companies in the Refining sector, oil and gas marketing sector, upstream sector, development of gas infrastructure and training of oil and gas personnel in Nigeria.
The MoU is expected to be firmed up in December 2016 during PETROTECH-2016.
The agreement took place when Minister of State for Petroleum & Natural Gas Dharmendra Pradhan met his Nigerian counterpart Emmanuel Ibe Kachikwu, Minister of State for Petroleum in New Delhi today and discussed various bilateral issues related to hydrocarbon sector.
During the meeting, both Ministers noted the existing and significant engagement between the two countries in the hydrocarbon sector. Dr Kachikwu is on a three-day official visit to India.
Mr Pradhan thanked Nigerian Minister for allocating term contracts to Indian public sector oil companies and requested Nigeria to extend similar long term contracts to them. Both Ministers acknowledged that Nigeria was one of the largest trading partners of India in Africa which is dominated by import of crude oil and gas from Nigeria.
In 2015-16, India imported nearly 23.7 MMT of crude (nearly 12 per cent of India overall imports) and over 2 MMTPA of LNG from Nigeria.
The Nigerian Minister requested a potential investment by India of 15 billion dollar, if the terms can be agreed to, in Nigeria as upfront payment for Crude purchase, to be repaid on the basis of firm Term Crude Contracts over some years and in consideration for collaborating in refining sector, E&P activities on G-to-G basis by Indian PSU Companies, long term contracts for supply of crude to Indian PSU companies from Nigeria and also possibilities of executing CGD and LPG infrastructure projects by Indian PSU companies in Nigeria.
The two Ministers discussed the significant potential in diversifying the engagement in the hydrocarbon sector. Both agreed to strengthen the existing cooperation in oil and gas sector, and in particular to explore investment opportunities for Indian Public and Private sector companies in Nigeria.
UNI ADP AE RJ 1821
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