14 Views

India To Invest $15 Billlion In Nigeria’s Oil Sector

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has negotiated a 1$5- billion dollar investment with Indian Government for the oil and gas sector.

The Director, Press Ministry of Petroleum Resources, Mr. Idang Alibi, in a statement on Monday, stated that the negotiations were part of the three-day investment drive of the minister to India.

It said the negotiations would be for terms to be agreed, where the Indian Government would make an upfront payment for crude purchase to Nigeria.

This, it said, would be repaid on the basis of firm Term Crude Contracts over some years and in consideration for Indian public sector companies collaborating in the refining sector as well as exploration and production activities.

It added that long term contracts for supply of crude to Indian PSU companies from Nigeria and possibilities of executing CGD and LPG infrastructure projects by Indian PSU companies in Nigeria was part of the negotiation.

It added that kachikwu had concluded talks on the investments in Nigeria’s Oil and Gas Sector in a bilateral meeting with his Indian counterpart, Shri Dharmendra Pradhan.

He said, “Both ministers noted the existing and significant engagement between the two countries in the hydrocarbon sector.”

According to the statement, the Indian minister acknowledges that Nigeria is one of the largest trading partners of India in Africa which is dominated by import of crude oil and gas.

Between 2015 and 2016, India imported nearly 23.7 million tons of crude which was nearly 12 per cent of India’s overall imports and over two million tons of LNG from Nigeria.

Following this negotiation, the two countries agreed to work on a Memorandum of Understanding to facilitate investments by India in the Nigerian Oil and Gas sector.

It said the investment would specifically be in areas such as Term Contract, participation of Indian companies in the refining sector, oil and gas marketing.

Others include upstream ventures, the development of gas infrastructure and in the training of oil and gas personnel in Nigeria.

He said, “The MoU is expected to be firmed up in December 2016 during PETROTECH-2016.

“Both ministers also agreed to strengthen the existing cooperation in Oil and Gas sector, and in particular, to explore investment opportunities for Indian Public and Private Sector companies in Nigeria.”

It added that the minister had one-on-one meetings with top executives of Indian Public Sector Oil and Gas companies and also representatives of some Indian private sector oil and gas companies.

NAN

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Triple MG boss, Ubi Franklin Did The Unthinkable For One His Female Staff, Nicole.
Entertainment
Entertainment

Triple MG boss, Ubi Franklin Did The Unthinkable For One His Female Staff, Nicole.

MT - September 22, 2017

Triple MG boss, Ubi Franklin shared this Photos of his female staff, Nicole who was proposed to by a lady in his Abuja office. Her boyfriend sent…

See Why You Could Be Beaten Black And Blue In Ondo State If You Mention Or Defend Asiwaju Tinubu’s Name
Politics
3 views
Politics
3 views

See Why You Could Be Beaten Black And Blue In Ondo State If You Mention Or Defend Asiwaju Tinubu’s Name

MT - September 22, 2017

The mention or the defense of the name of the celebrated national leader of the APC, in the person of Asiwaju Bola Ahmed Tinubu, the Jagaban of…

Never Seen Photos Of Billionaire Femi Otedola Eldest Daughter, Olawunmi Otedola
Richest
13 views
Richest
13 views

Never Seen Photos Of Billionaire Femi Otedola Eldest Daughter, Olawunmi Otedola

MT - September 22, 2017

Nigeria billionaire oil Mogul, Femi Otedola is blessed with four children: three girls, and a son. His first daughter, musician Olawunmi Christine Otedola and the last born…

Meet The Female Court Clerk Who Got Suspended For Wearing Very Short, Squeezing Dress To Work.
Shocking
14 views
Shocking
14 views

Meet The Female Court Clerk Who Got Suspended For Wearing Very Short, Squeezing Dress To Work.

MT - September 22, 2017

Namuwanga Rosemary, a Kasangati court clerk was served a suspension letter for wearing a short and tight dress to work, by the permanent secretary Mrs Josephine Muwonge…

9 Rich Nigerians You Don’t Know Live In Banana Island – #5 Hosted Chris Brown When He Came To Nigeria [Photos]
Richest
23 views
Richest
23 views

9 Rich Nigerians You Don’t Know Live In Banana Island – #5 Hosted Chris Brown When He Came To Nigeria [Photos]

MT - September 22, 2017

Banana island, an artificial isle near Lagos in Nigeria, often called a Billionaires Haven is a place where the most expensive and luxurious mansions are situated. Banana…

7 Best Features In iOS 11 That Will Make You Love Your Gadget Again       
Technology
16 views
Technology
16 views

7 Best Features In iOS 11 That Will Make You Love Your Gadget Again      

MT - September 22, 2017

Improvements from ios10 to iOS 11 will be key for Apple and the consumer’s needs. In June 2017 at WWDC 2017, the new iOS 11 was unveiled…

In Photos: A Quick Look Into The Fabulous And Luxurious Life Of P-Square Brothers, Before The Beef
Entertainment
49 views
Entertainment
49 views

In Photos: A Quick Look Into The Fabulous And Luxurious Life Of P-Square Brothers, Before The Beef

MT - September 22, 2017

  They are the richest and most famous artist in West Africa (even Africa). With over a hundred million in their name and luxurious condos across the…

Chelsea Youngster Set To Dump England For Nigeria For This Reason
Sports
21 views
Sports
21 views

Chelsea Youngster Set To Dump England For Nigeria For This Reason

MT - September 22, 2017

The Nigeria Football Federation (NFF) is much closer to securing the services of Chelsea FC of England forward Tammy Abraham to switch allegiance from England to Nigeria,…

Nigerian Singer, Simi Reveals Why Adekunle Gold Is The Only Artiste On Her Album
Entertainment
24 views
Entertainment
24 views

Nigerian Singer, Simi Reveals Why Adekunle Gold Is The Only Artiste On Her Album

Mabel - September 22, 2017

Nigerian singer, Simi has revealed why rumoured beau, Adekunle Gold is the only guest artiste on the album. Her debut album, Simisola, which has garnered much critical acclaim…

3 Quick Facts About Nigeria’s BBC’s Komla Dumor Award Winner, Amina Yuguda
Entertainment
24 views
Entertainment
24 views

3 Quick Facts About Nigeria’s BBC’s Komla Dumor Award Winner, Amina Yuguda

MT - September 22, 2017

For the second time in a row, a Nigerian, Amina Yuguda has won BBC’s World News Komla Dumor Award. The Komla Dumor award was established to honor African…

Nollywood Actress, Adesua Etomi Visits Edo State Governor, Godwin Obaseki
Entertainment
30 views
Entertainment
30 views

Nollywood Actress, Adesua Etomi Visits Edo State Governor, Godwin Obaseki

Mabel - September 22, 2017

Award-winning Nollywood star, Adesua Etomi on Thursday paid a courtesy visit to the Governor of Edo State, Godwin Obaseki, at the Government House in Benin City. The actress,…

Throwback: 10 Powerful Quotes From O.C Ojukwu About Biafra And Revolution
Politics
28 views
Politics
28 views

Throwback: 10 Powerful Quotes From O.C Ojukwu About Biafra And Revolution

MT - September 22, 2017

Nigeria seems intent on repeating history as the agitation of the past week has shown. The Nigerian military’s dedication to accomplishing the notorious Operation Python Dance mission…

Checkout Beautiful New Photos Of Former First Lady, Maryam Abacha And Her Daughter Gumsu
Nigerian Women
38 views
Nigerian Women
38 views

Checkout Beautiful New Photos Of Former First Lady, Maryam Abacha And Her Daughter Gumsu

Mabel - September 22, 2017

Former first lady and widow of late military president, Gen. Sani Abacha still looks very pretty. To her loved ones, Maryam Abacha is rare gem. There is…

Comedian, AY’s Brother, Lanre Makun Welcomes Twins With His Wife
Buzz & Trends
45 views
Buzz & Trends
45 views

Comedian, AY’s Brother, Lanre Makun Welcomes Twins With His Wife

Mabel - September 21, 2017

Nigerian top comedian and actor, AY Makun’s younger brother, Lanre Makun and his wife Joy Ofoebu have welcomed a set of twins. The couple who got married…

Hilarious Reasons Why Nigerians Eat Meat Last
Food and Health
64 views
Food and Health
64 views

Hilarious Reasons Why Nigerians Eat Meat Last

PH - September 21, 2017

You must have observed at the restaurant that many Nigerians eat their meat last. It raises the question, why do they eat the meat at the end…

How Singer Wizkid Made History As The First Afro-pop Musician To Debut Guinness Book Of World Records
Entertainment
76 views
Entertainment
76 views

How Singer Wizkid Made History As The First Afro-pop Musician To Debut Guinness Book Of World Records

Mabel - September 21, 2017

Nigerian Singer, Wizkid has not only dominated the African music arena, he is conquering new grounds on the international music field. The singer recently debuts Guinness Book of…

Here Are The Top 5 Traditional Dances From Eastern Nigeria
Art, History and Culture
50 views
Art, History and Culture
50 views

Here Are The Top 5 Traditional Dances From Eastern Nigeria

PH - September 21, 2017

Whether it’s celebratory, energizing, cathartic, funny, or just plain embarrassing, dance is one of the best art forms for expression. People gyrate in order to celebrate, commemorate…

Why Rev. Fr. Ejike Mbaka Asked Rangers FC To Return His N2 Million Donation
Religion
69 views
Religion
69 views

Why Rev. Fr. Ejike Mbaka Asked Rangers FC To Return His N2 Million Donation

Mabel - September 21, 2017

Catholic priest and Spiritual Director of Adoration Ministry, Enugu State, Rev. Fr. Ejike Mbaka, has reportedly asked for his N2 million donation he made to the Rangers…

Loading...