Saudi Arabia to invest into Nigeria’s refineries

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Saudi Arabia’s oil firm Aramco has indicated interest in investing into Nigeria’s refineries as the Federal government tries to ramp up the country’s refining capacity.

This was revealed by the Minister of State for Petroleum resources, Ibe Kachikwu in an interview with Bloomberg on the side lines of the Riyadh Financial Sector Conference.

” We are looking at the cooperation along multilevels. We are looking at investments into 3 or four of our refineries, potentials for LNG investments,”Kachikwu told Bloomberg’s Yousef Gamal El-Din.

Kachikwu also revealed that he and his team took a tour of some of Saudi Arabia’s industrial cities and are looking at how the two countries can cooperate along the lines of having
those sort of industrial cities.

Kachikwu also said Nigeria is currently producing 1.8 million barrels of crude per day, minus 400,000bpd of condensates.

“We are drifting towards the quota we have been given. Our total no in terms of restoring capacity is 2.2 million bpd 400, 000 of that is condensate, which means we have 1.8 milion bpd,” he told Bloomberg.

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