The co-founder and chief executive officer of Geneva-based Mercuria Energy Group, Mr. Marco Dunand have met with President Muhammadu Buhari, during which he indicated Mercuria’s interest in investing $1.5 billion in Nigeria’s downstream and upstream oil sectors.
He also told the president that Mercuria would like to establish a joint venture company with the Nigerian National Petroleum Corporation (NNPC) and its upstream arm, the Nigerian Petroleum Development Company (NPDC). It would be recalled that recently, Mercuria made inroads into the Nigerian downstream oil sector by aligning with Forte Oil through the acquisition of 18 per cent equity in the entity.
Mercuria has a long standing relationship with NNPC and also has significant investments in Nigeria. It buys about 25 million barrels of Nigerian crude oil yearly and is also one of largest suppliers of refin