Nigeria and Russia Thursday in Sochi, Russia, signed an important
\nMemorandum of Understanding (MoU), which will enable both countries’ oil
\ngiants, Nigerian National Petroleum Corporation (NNPC) and Russia’s
\nLukeoil to elevate\u00a0 commercial relationship to a
\ngovernment-to-government backed partnership.<\/p>\n
With signing of the MoU, NNPC and Lukeoil will work together in upstream
\noperations and revamp Nigeria’s refineries.<\/p>\n
Group Managing Director of NNPC, Mele Kyari and\u00a0 Vagit Alekperov,
\nPresident of\u00a0 leading Russian oil company, Lukeoil, signed the MoU,
\nwhich entails cooperation in deep offshore exploration of oil in
\nNigeria, production, trading and refining.<\/p>\n
The signing ceremony, which took place on the sidelines of the
\nRussia-Africa Summit, was witnessed by the Minister of State for
\nPetroleum, Timipre Sylva.<\/p>\n
Earlier in his remarks at a meeting with Russian President Vladimir
\nLenin, President Muhammadu Buhari\u00a0 said Nigeria was prepared and willing
\nto work with Russian businesses “to improve the efficiency of our oil
\nand gas sector which provides us with the much-needed capital to invest
\nin our security, infrastructure and economic diversification
\nprogrammes”.<\/p>\n
While taking note of the agreement between NNPC and Lukeoil, President
\nBuhari gave an assurance that his administration will “ensure this
\ninitiative is implemented within the shortest possible time.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria and Russia Thursday in Sochi, Russia, signed an important Memorandum of Understanding (MoU), which will enable both countries’ oil giants, Nigerian National Petroleum Corporation (NNPC) and Russia’s Lukeoil to…<\/p>\n","protected":false},"author":1,"featured_media":70103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-70102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n