FG eyes Russian investment in oil sector

Minister of State for Petroleum, Dr Ibe Kachikwu

The Federal Government has invited Russia and investors from the country to invest in the Nigerian oil and gas sector.  In a statement by the Ministry of Petroleum Resources in Abuja, Minister of State for Petroleum Resources,  Ibe Kachikwu met with his Russian counterpart, Alexander Novak, where they explored areas of mutual interest in the oil industries of their countries.

Kachikwu expressed Nigeria’s interest in having Russia and Russians come to participate in the Nigeria’s growing oil sector, pointing out that the reforms and processes being put in place which aims to enhance the investment climate in Nigeria, has recorded major achievements with the on-going implementation of the 7 BigWins – Nigerian Petroleum Industry Roadmap.

In his response, Novak assured Kachikwu that Russia is interested in participating in the Nigerian oil industry and would suggest that preliminary technical talks begin as soon as possible between the two countries.

Novak extended an invitation to Dr. Kachikwu to visit Russia during the next Gas Exporting Countries Forum Ministerial Meeting, scheduled for next October, where further talks on the matter can take place.