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Nigeria & Saudi Arabia to Draft MoU on Oil and Gas

Source: www.gulfoilandgas.com 4/26/2019, Location: Africa

Nigeria and Saudi Arabia plan to draft a memorandum of understanding on an oil and gas partnership that could lead to the construction of a new refinery and investments in liquefied natural gas.

Nigeria imports the bulk of its petrol, despite being Africa’s biggest crude oil producer, due to its dilapidated refineries. Last month, Nigeria’s state oil company said it was in talks with different consortiums to overhaul its refineries and save billions of dollars on fuel imports.

Areas of interest will cover the existing refinery revamp, building of a brand new refinery, LNG investments and product supply trading in crude and refined products.

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