The Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia, H.E. Khalid bin Abdulaziz Al-Falih has expressed the strong readiness of his country to sign a Memorandum of Understanding (MoU) with Nigeria.
The Saudi Energy Minister communicated the blessings of the King of Saudi Arabia, Salman bin Abdulaziz Al Saud and the Crown Prince, H.R.H. Mohammed bin Salman bin Abdulaziz Al Saud for the partnership investment while announcing their readiness to sign the MoU with the Nigerian President, Muhammadu Buhari. The early draft of the MoU that will solidify the new oil and gas development partnership between Nigeria and Saudi Africa will be ready in the first week of May, 2019.
The Saudi Minister made this known during a high level bilateral meeting with Nigeria’s Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu on Wednesday 24th April, 2019 in Riyadh. He stated that his team will undertake the task of drafting an outline of the MOU in consonance with Nigeria and consequently move through the bureaucratic channels of getting the requisite approvals and endorsements. The Organisation of Oil Exporting Countries (OPEC) Governors for the two countries, Eng. Adeeb Y. Al-Aama (Saudi Arabia) and Dr. Omar Farouk Ibrahim (Nigeria) have already been nominated to fast track the process for official endorsements and signing.
The agreement will in principle opens the doors for Nigeria to potentially benefit from Saudi Arabia’s and effectively, Saudi Aramco’s recent aggressive oil sector investments across the globe. Areas of interest will cover existing refinery revamp, building of a brand new refinery, LNG investments and product supply trading in crude and refined products. H.E Khalid Al Falih also reiterated the possibility of establishing an independent refinery in Nigeria as the country considers Nigeria as the best hub to reach other African countries.
Nigeria and Saudi Arabia has over the decades enjoyed a robust bilateral relationship with the Nigerian delegation to the holy land pilgrimage among the highest globally amidst the common heritage of being abundantly blessed with oil and gas deposits. Nigeria’s Dr. Kachikwu has expressed his expectation that the definite signing of the MoU will further cement the cordial relationship between both Nations. He stated that the visit to Saudi Arabia became necessary due to the common grounds between the two countries and the success of the country in the oil and gas sector. Dr. Kachikwu disclosed that