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Home Business News

UPDATE: NNPC is set to work with Russia’s Lukoil 

Emmanuel Abara Benson by Emmanuel Abara Benson
October 24, 2019
in Business News, Company News, Diaspora
NNPC, Domestic Crude Allocation, Why NNPC’s Duke Oil is quitting London operations for Dubai , NNPC divests stake in four oil wells to NPDC , How NNPC discovered oil, gas deposits in the North , Nigeria to leverage on condensate refineries to be petrol net exporter, How NNPC saved $3 billion from arbitration , NNPC, IPPG donate medical supplies to South West state governments, NNPC discloses bases for employment and managerial progression in the oil firm, NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel

Mele Kyari, Group Managing Director, NNPC.

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The Nigerian National Petroleum Corporation (NNPC) has signed a memorandum of understanding (MoU) with Russia’s Lukoil, which happens to be one of Russia’s largest energy companies.   

A press statement released by Lukoil said Mele Kyari and Lukoil’s Vagit Alekperov both signed the agreement which will see both companies potentially working together in the areas of crude oil exploration, refining, and trading. 

The MoU is one of the outcomes of the ongoing 2-day Russia-Africa Summit which Nigeria’s President Muhammadu Buhari is participating in, alongside other top delegates such as Mele Kyari, NNPC’s Group Managing Director.  

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“According to the Memorandum, the parties intend to consider possible cooperation in the exploration, production, and refining of hydrocarbons in Nigeria as well as upscaling existing trading relationships. 

“The document also provides for possible design and technical cooperation between the companies and the provision of LUKOIL’s know-how in the implementation of production and refining projects.” 

At the moment, the actual nature and terms of this agreement are not known to the public. Notwithstanding, the NNPC’s GMD confirmed the development when he retweeted a Twitter post stating that he and his team met with some Russian energy companies to seek for ways to rehabilitate Nigeria’s inefficient refineries.

The Team engaged Russian state owned company & private entities to secure development cooperation of mutual benefit. Refinery rehabilitation & gas infrastructure development on the front burner. #RussiaAfricaEconomicSummit #PMBinRussia @NGRPresident @BashirAhmaad @toluogunlesi

— NNPC Limited (@nnpclimited) October 23, 2019

Why this matters: Although Nigeria is one of Africa’s leading crude oil producers, the country’s energy sector remains one of the most underdeveloped on the African continent. Refineries are inefficient and underperforming, thereby leading to over-dependence on importation of refined petroleum products to meet local demand.

This has been a long-standing problem, with lots of failed efforts to remedy it. It is, therefore, expected that the agreement with Lukoil will help to profer solution.

Lukoil was incorporated in 1991 and over the last 25 years, it has been one of the world’s leading energy companies. The company extracts and refines crude into petroleum products and petrochemicals.

[READ: NNPC vows to be transparent, set to publish details of petroleum product supplies]


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Tags: LukoilNigerian National Petroleum CorporationRussia-Africa Summit
Emmanuel Abara Benson

Emmanuel Abara Benson

Emmanuel Abara Benson is an experienced business reporter and editor. He currently edits articles at Nairametrics. Reach him via email on Emmanuel.abara@nairametrics.com and follow him on Twitter @Mr_Abara for his personal opinions.

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CBN restricts OMO auctions to banks, foreign investors  

Comments 1

  1. MR PATRICK says:
    February 21, 2020 at 2:36 pm

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    NNPC OF Nigeria: Currently, NNPC Recruitment Application form is out. This page will guide you on the step by step process on how to apply for NNPC job offers in Nigeria for graduate and undergraduate. You will learn about the NNPC job description, application skills, requirements and other important details. FOR MORE INFO CONTACT MR PATRICK WITH THIS LINE 08133440087

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