25 April 2019

Nigeria Seeks Saudi Arabia Investment in Building Refinery

The Minister of State for Petroleum Resources, Ibe Kachikwu, says the Nigerian Government was looking at the possibilities of having the Kingdom of Saudi Arabia build a refinery in Nigeria.

He said the government has begun talks with the Saudi official oil company, Saudi Aramco, for investment in Nigeria's moribund refineries and liquefied natural gas-producing company (NLG).

Mr Kachikwu said this whie speaking on Bloomberg TV On Wednesday, on the sidelines of the Financial Sector Conference, at Riyadh, Saudi Arabia.

"We are looking at the cooperation across multi-levels, refinery, for example, we are looking for investment in four of our refineries," Mr Kachikwu said.

"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," he added.

The Nigerians government has not been able to keep the existing refineries working to installed capacity or build a new one.

However, Nigerian industrialist, Aliko Dangote, is building a refinery in Lagos, the nation commercial Hub, raising hopes of a substantial increase in local refinery capacity.

A tweet posted via the ministry's verified Tweeter handle, @FMPRng, said Mr Kachikwu met with the Saudi Minister of Energy Industry and Mineral Resources, Khalid Al Falih, to discuss possibilities to support Nigeria's Infrastructure Development in the Oil Sector.

"Nigeria and @Saudi_Aramco Discussing Refining Investments. Minister of State for Petroleum Resources, Dr. @IbeKachikwu discusses firm talks on refining investments resulting from strategic value meeting with H.E @Khalid_AlFalih.

"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.

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. the tweet reads.

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