In a bid to improve productivity in the main source of income in the country, the Nigerian National Petroleum Corporation (NNPC) and Russia’s Lukeoil has signed a Memorandum of Understanding (MoU).
Naija News understands that both country‘s oil giant company agreed to elevate the commercial relationship to a government-to-government backed partnership as both NNPC Group Managing Director, Mele Kyari and Vagit Alekperov, President of leading Russian oil company, Lukoil, signed the MoU.
The media aide to Nigeria’s President, Garba Shehu who also confirmed the latest development on his twitter handle expressed his happiness. Here is Garba Shehu reaction below.
Nigeria and Russia Thursday in Sochi, Russia, signed an important Memorandum of Understanding (MoU), which will enable both countries’ oil giants, @NNPCgroup and Russia’s Lukeoil to elevate commercial relationship to a government-to-government backed partnership. #PMBinRussia
— Garba Shehu (@GarShehu) October 24, 2019
Naija News understands that the agreement 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.