The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has negotiated a 15 billion US dollar investment in Nigeria’s oil and gas sector with the Indian government.
The negotiations formed part of the three-day investment drive of Mr Kachikwu to India where he concluded talks on investments in Nigeria’s oil and gas sector in a bilateral meeting with his Indian counterpart in charge of petroleum and natural gas.
Both countries have agreed to work on a memorandum of understanding to facilitate investments by India in the Nigerian oil and gas sector and specifically in areas such as term contract, participation of Indian companies in the refining sector, oil and gas marketing and upstream ventures.
The MoU is expected to be firmed up in December 2016 during the 12th International Oil and Gas Conference and Exhibition, PETROTECH-2016, at New Delhi.
