Russia to Help Nigeria Revive Refineries, Complete Abandoned Projects
By Olamide Fadoju
Nigeria might soon stop importing refined crude oil after it entered a partnership with Russia to help complete local refineries and improve oil production.
President Muhammadu Buhari in a bilateral meeting with Russian President Vladimir Putin in Sochi, Russia entered a partnership with the Eastern European country that will make Nigerian refineries fully operational.
Senior Special Assistant (SSA) to the President on Media & Publicity, Garba Shehu in a statement made available to the public said Buhari and his Russian counterpart have agreed to put in work and improve Nigeria's oil sector.
"In statements made by both leaders, Nigeria and Russia will work together to improve efficiency of Nigeria’s oil sector, which is the backbone of the economy, in a way that will see to rehabilitation of epileptic oil refineries through establishment of framework for a joint venture between Nigerian National Petroleum Corporation (NNPC) and Russia-based leading oil company, Lukoil."
The statement said both NNPC and Lukoil will work towards the exploration of oil deep offshore in Nigeria.
"Nigeria and Russia also agreed to revive and solidify the venture between the NNPC and Russia’s gas giant, Gazprom for the development of Nigeria’s enormous gas potential and infrastructure."
Also, the SSA,Media and publicity revealed that President Buhari entered a partnership with Russia to complete the Ajaokuta steel mills and other partially, completed and abandoned projects in Nigeria.
"The issue of uncompleted and abandoned Ajaokuta Steel Rolling Mill was presented by President Buhari. His request for the return of Russia, on a government-to-government relationship for completion and commissioning of the plant, was accepted by President Putin.
"The Russia government agreed to support the development of Nigeria’s rail infrastructure by constructing 1,400 kilometres track from Lagos to the South-South city of Calabar".
President Buhari arrived in Russia on Monday to attend the Russia-Africa Economic Forum billed for October 23 and 25.