Saudi Arabia’s Minister of Energy, Industry and Mineral Resources, Khalid Al Falih, has expressed his country’s readiness to invest in Nigeria’s petroleum industry.
Saudi’s interest in Nigeria was renewed when President Muhammadu Buhari sent a delegation, headed by the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, to discuss areas of mutual collaboration especially in the midstream and downstream sectors with the middle-east nation.
While both countries are major crude producers, Saudi Arabia is the world’s number one player with a remarkable downstream sector and a functional national oil company, Aramco.
With the new development, Nigeria could address oil and gas infrastructure shortfall hovering around N18 trillion and stabilise economic development, particularly by plugging leakages and spurring industrial activities through an enhanced gas sector.
During a welcome dinner for Kachikwu, Al Falih congratulated President Buhari on his re-election, reassuring him of better bilateral ties.
He noted that Nigeria’s role remained critical in the stabilisation of global oil price as the Organisation of Petroleum Exporting Countries (OPEC) and other allies meet soon to review the market outlook, especially production cuts.
In his remarks, Kachikwu implored the host nation to explore areas of cooperation and collaboration in the downstream – refineries and petrochemicals, gas and midstream infrastructure.
The ministers also discussed global oil market development ahead of the Joint Ministerial Monitoring Committee of OPEC which holds early next month in Jeddah.