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Leadership (Abuja)

Nigeria: Oando Teams Up With Gazprom

Kingsley Alu

7 November 2009

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Abuja — Oando Plc, Nigeria's integrated energy solutions provider has announced in Lagos the signing of a memorandum of understanding (MOU), with Russia's energy giant, Gazprom to jointly develop projects in multiple sectors of Nigeria's oil and gas industry.

Under the MOU, Oando and Gazprom have agreed to collaborate in the development of oil and gas assets and infrastructure in the West African sub-region and the Gulf of Guinea. Gazprom is a globally renowned energy player with vast experience in exploration, production, transportation and refining of oil, gas and other hydrocarbons. "This alliance is another significant milestone for Oando in our commitment to world-class gas solutions delivery in Sub-Saharan Africa," says Wale Tinubu, Oando group chief executive.

"The Gazprom partnership will provide the leverage to further accelerate our gas development programme, with us providing local technical expertise driven by the experience of developing pipeline infrastructure and our excellent execution capabilities, whilst Gazprom brings its wealth of experience as Europe's largest gas operator, an arrangement that will redefine the oil and gas industry and bolster local capacity."This is also consistent with Oando's strategic diversification programme, which mitigates the company's exposure from today's economic climate and provides diverse revenue mix for the company thereby, enhancing shareholder value," he added.

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