In a bid to consolidate its position in Nigeria, Italian oil service company Saipem is close to signing a joint venture with a local partner in Africa’s biggest economy.
According to a source familiar with the deal, Saipem is at the final stages of “the creation of a joint venture with a very important Nigerian partner to help it develop business in the country.”
The deal follows a joint venture signed last week with China Petroleum Pipeline Engineering Corporation (CPPEC), a unit of PetroChina, which will give the Italian company access to China’s attractive oil and gas markets, the source added.
CPP, the parent of CPPEC, was officially not available for comment.