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Nigerian government has sealed a $15 billion oil and gas investment deal with India.
The Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, who is currently on a three-day visit to India, concluded talks on the investments in a bilateral meeting with his Indian counterpart in charge of petroleum and natural gas, Shri Dharmendra Pradhan.
Both ministers noted the existing and significant engagement between the two countries in the hydrocarbon sector, while acknowledging that Nigeria was one of the largest trading partners of India in Africa, which is dominated by import of crude oil and gas from Nigeria.
The negotiated deal would require the Indian government to make an upfront payment for crude purchase to Nigeria, to be repaid on the basis of firm term crude contracts over some years.
The Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, who is currently on a three-day visit to India, concluded talks on the investments in a bilateral meeting with his Indian counterpart in charge of petroleum and natural gas, Shri Dharmendra Pradhan.
Both ministers noted the existing and significant engagement between the two countries in the hydrocarbon sector, while acknowledging that Nigeria was one of the largest trading partners of India in Africa, which is dominated by import of crude oil and gas from Nigeria.
The negotiated deal would require the Indian government to make an upfront payment for crude purchase to Nigeria, to be repaid on the basis of firm term crude contracts over some years.
