Russia oil firm plans investment in Nigeria

Federal Government and Russia have partnered to expand oil exploration in Lagos through the latter’s Lukoil Company Nigeria Limited, and operator of the OML 140 Oil Block.

The decision was made public when  Nigerian Ambassador to the Russian,  His Excellency Prof. Abdullahi Shehu, Federation met with Mr. Ivan Romanovsky, the Vice President of the Lukoll Group in Charge of West Africa, Europe, and America, in Moscow last week.

They discussed bilateral cooperation between Nigeria and Russia, particularly, LUKOIL’s investments in Nigeria during the meeting.

The Vice President of Lukoil informed of the company’s Financial capacity to expand its operations in new areas of Investment through partnership with indigenous companies.

He expressed willingness of cooperation with viable corporate entities and individuals , for mutual benefits.

Recalled that Nigeria and Russia had agreed to develop Nigeria’s enormous oil potentials and infrastructure, including revamping Nigeria’s all refineries through the establishment of a Joint Venture between the NNPC and Russian based leading Lukoil company, which agreement was executed in October 2019 during the Russia-Africa summit in Sochi, the Russian Federation.

Under this agreement, the business interests/partnership include funding of the Warn Refinery and Petrochemical Company Rehabilitation project, as well as expansion of Lukoil’s Gas/Power interests in Nigeria. Accordingly, a technical team of Lukoil, arrived in Nigeria in July 2021 to execute this agreement.

Shehu, in his appreciated the resilience of the Group, particularly its expansionary vision in Nigeria.

The Ambassador, reiterated the need for Russian companies to visit Nigeria to have a better understanding and improve their perception of risk and how to mitigate such risks, as well as taking advantage of the large market in Nigeria as the right place to localize their businesses and investments in Africa