Nigeria’s minister of state for petroleum resources, Ibe Kachikwu, paid a courtesy visit to the world’s most profitable firm, Saudi Aramco on Wednesday, to discuss investment options that could help revamp Nigeria’s refineries.
The Minister met with top executives of the Saudi national oil company to crystallise ongoing discussions on a possible collaboration on investments in the Nigerian oil & gas sector.
Minister of State for Petroleum Resources, Dr. @IbeKachikwu today met with top executives of the National Oil Company of the Kingdom of Saudi Arabia, @Saudi_Aramco in Dhahran to crystallize ongoing discussions on collaborating with Nigeria on investments in the oil & gas sector. pic.twitter.com/0GsSAnbzbJ
— Ministry of Petroleum Resources, Nigeria (@FMPRng) April 23, 2019
Revamping Nigerian Refineries on the agenda
kachiku, who was received by the President and Chief Executive Officer of Saudi Aramco, Amin Nasser and other top management officials, reportedly highlighted areas of shared investment interests and existing viable investment options in the midstream and downstream sector.
Dr. @IbeKachikwu who was received by the President and Chief Executive Officer of @Saudi_Aramco, Amin H. Nasser and top management of the conglomerate, highlighted areas of shared investment interests and existing viable investment options in the midstream and downstream sector. pic.twitter.com/IOgCqxj7CQ
— Ministry of Petroleum Resources, Nigeria (@FMPRng) April 23, 2019
Also Read: Dangote refinery will reduce Africa’s dependence on import
While later speaking with Bloomberg Daybreak in Riyadh on the subject matter, Kachikwu disclosed the following:
“We are looking at cooperation along very multi-levels. For example, we are asking for some investments into four of our refineries.
“We are looking at the potential for Liquefied Natural Gas investment. We are looking at some straight trade deals in terms of our DSDP programme, to see how they (Saudi Arabia) can participate and bring in products into the country.”
Saudi Aramco is expanding operations after $111.bn profit
Nairametrics had earlier reported that the Saudi oil conglomerate recorded $111.1bn profit, thereby ranking as the World’s most profitable firm.
Saudi Aramco is now expanding its downstream operations such as refining and petrochemicals production, as part of its drive to become the world’s largest integrated energy firm.
Also Read: With $111.1bn profit, Saudi Aramco is World’s most profitable firm in 2018
Report from some media sections disclosed that the Kachikwu indicated that Nigeria needs about N900 billion ($2.5 billion) in order to rehabilitate the country’s refineries.
“The second option is that we decided that we are going to dip our hands into our own Internal funds- which we don’t have a lot of – and make the money available. What is required is about $2.5billion to fix the entire refinery and the reason why I don’t want to go that way is the fact that the country is constrained.”
Ibe Kachikwu held a strategic value meeting with Suadi’s Minister
In a similar tweet, Kachikwu held a strategic high-value meeting with the Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia, Khalid AlFalih, to consolidate the rising interest to support Nigeria’s Infrastructure development in the Oil sector.
This comes on the heels of the strategic value meeting held yesterday with the Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia, H.E. @Khalid_AlFalih to cement the budding interest to support Nigeria's Infrastructure Development in the Oil Sector.
— Ministry of Petroleum Resources, Nigeria (@FMPRng) April 23, 2019
