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Nigeria and Russia Thursday in Sochi, Russia signed an important Memorandum of Understanding (MoU), which would enable both countries’ oil giants, Nigerian National Petroleum Corporation (NNPC) and Russia’s Lukeoil to elevate commercial relationship to a government-to-government backed partnership.
With signing of the MoU, NNPC and Lukeoil would work together in upstream operations and revamp Nigeria’s refineries.
NNPC Group Managing Director, Mele Kyari, and President of leading Russian oil company, Lukeoil, Vagit Alekperov, 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, said a statement by a Presidential media aide, Garba Shehu.
Earlier in his remarks at a meeting with Russian President Vladimir Putin, 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.”