- Buhari Reacts As NNPC Signs MoU With Russian Company
Following the Memorandum of Understanding (MoU) signed between Nigerian National Petroleum Corporation (NNPC) and Russian Oil Company, Lukeoil, President Muhammadu Buhari has described it as a good development.
Group Managing Director of NNPC, Mele Kyari and Vagit Alekperov, President of leading Russian oil company, Lukeoil, on Thursday signed the MoU, which entails cooperation in deep offshore exploration of oil in Nigeria, production, trading and refining.
Recall that Investors King earlier reported that the corporation was in talks with Russian investors on how gas infrastructures can be developed in the country.
The result of their agreement, according to the NNPC Boss, will strengthen the commercial relationship to a government-to-government backed partnership.
Reacting, President 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.”
While taking note of the agreement, The Nigerian leader gave an assurance that his administration will “ensure this initiative is implemented within the shortest possible time.”
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.