Nigeria, Saudi Arabia to Sign MoU on Refineries Development – Oil Ministry

• Nigeria, Saudi Arabia to Sign MoU on Refineries Development – Oil Ministry

Nigeria’s Ministry of Petroleum on Friday announced that Nigeria and Saudi Arabia are close to a draft memorandum of understanding on oil and gas cooperation that could lead to investments in refineries and liquefied natural gas.

In a statement issued days after Nigeria’s Minister of State for Petroleum Resources Emmanuel Kachikwu held talks with Saudi Aramco officials, stated an early draft of a memorandum of understanding would be ready in the first week of next month.

“Areas of interest will cover the existing refinery revamp, building of a brand new refinery, LNG investments and product supply trading in crude and refined products,” the ministry said in the statement.

It also stated that the Kingdom Energy Minister, Khalid Al-Falih, had reiterated the possibility of building an independent refinery in Nigeria, adding that it is the best hub to reach other African nations.

Saudi Aramco is expanding its downstream operations such as refining and petrochemicals production as part of its drive to become the world’s largest integrated energy firm.