Nigeria and Russia have struck an oil deal as Russia’s leading oil company Lukoil’s subsidiary , Lukoil Company Nigeria Limited, and operator of the OML 140 Oil Block announced its plan to expand operations in Lagos, Nigeria
The deal was struck when Prof. Abdullahi Shehu, Nigerian Ambassador to the Russian Federation met with Mr. Ivan Romanovsky, the vice president of the Lukoll Group in charge of West Africa, Europe, and America, in Moscow, on Thursday 19th August 2021.
During the meeting they discussed bilateral cooperation between Nigeria and Russia, particularly, Lukoil’s investments in Nigeria
The vice president of Lukoil informed of the company’s Financial capacity to expand its operations in new areas of investment through partnership with indigenous companies.
He expressed willingness of cooperation with viable corporate entities and individuals alike, for mutual benefits
Recall that Nigeria and Russia had agreed to develop Nigeria’s enormous oll potentials and infrastructure, including revamping Nigeria’s all refineries through the establishment of a Joint Venture between the NNPC and Russian based leading Lukoil company, which agreement was executed in October 2019 during the Russia-Africa summit in Sochi, the Russian Federation.
Under this agreement, the business interests/partnership include funding of the Warri Refinery and Petrochemical Company Rehabilitation project, as well as expansion of Lukoil’s Gas/Power interests in Nigeria. Accordingly, a technical team of Lukoil, arrived in Nigeria in July 2021 to execute this agreement.
Shehu, in his appreciatedthe resilience of the Group, particularly its expansionary vision in Nigeria.
The Ambassador reiterated the need for Russian companies to visit Nigeria to have a better understanding and improve their perception of risk and how to mitigate such risks; as well as taking advantage of the large market in Nigeria as the right place to localize their businesses and investments in Africa.