The Nigerian National Petroleum Corporation (NNPC) has signed a memorandum of understanding (MoU) with Russia’s Lukoil, which happens to be one of Russia’s largest energy companies.
A press statement released by Lukoil said Mele Kyari and Lukoil’s Vagit Alekperov both signed the agreement which will see both companies potentially working together in the areas of crude oil exploration, refining, and trading.
The MoU is one of the outcomes of the ongoing 2-day Russia-Africa Summit which Nigeria’s President Muhammadu Buhari is participating in, alongside other top delegates such as Mele Kyari, NNPC’s Group Managing Director.
“According to the Memorandum, the parties intend to consider possible cooperation in the exploration, production, and refining of hydrocarbons in Nigeria as well as upscaling existing trading relationships.
“The document also provides for possible design and technical cooperation between the companies and the provision of LUKOIL’s know-how in the implementation of production and refining projects.”