Nigeria, Saudi Arabia to draft MoU on oil and gas partnership

Nigeria and Saudi Arabia are planning to draft a memorandum of understanding (MoU) on an oil and gas partnership that could lead to the construction of a new refinery and investments in liquefied natural gas (LNG), Nigeria’s petroleum ministry said on Friday.

“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,” Reuters reported, citing a statement from Nigeria’s petroleum ministry.

The statement also mentioned that an early draft of the MoU would be ready in the first week of May.

It added that Saudi energy minister Khalid Al-Falih had reiterated the possibility of establishing an independent refinery in Nigeria, considering it the best hub from which to reach other African countries.

The statement was issued by the petroleum ministry days after oil minister Emmanuel Kachikwu held talks with Saudi energy officials.