Seemberg News

Latest Nigeria Business News

NNPC to supply 10 per cent of India’s crude oil


Despite competing demands for its crude oil from other countries, the Nigerian National Petroleum Corporation (NNPC) yesterday restated its commitment to sustaining the supply of 10 per cent of India’s crude oil demand.

The Corporation’s Group Managing Director (GMD), Mele Kyari, renewed the commitment when he hosted the Indian High Commissioner to Nigeria, Abhay Thakur, a statement by NNPC spokesman Ndu Ughamadu said.

The GMD said Nigeria, through the corporation, would continue to support India’s energy security, adding that the recent Memorandum of Understanding (MoU) in the area of energy between Nigeria and India would be consummated to further strengthen the bilateral relations between the two countries.

According to the statement, Kyari stated that the NNPC was desirous of growing the energy cooperation with India and that it was time to progress from just talking to walking the talk.

He described India as a very important market and that the NNPC would ensure that the current volume of crude oil supply to the Asian country “is secured for the collective interest of both countries.

“We are ready to have a robust engagement with the Indian trade team to provide a win-win energy scenario between us. Every trade opportunity that is available will be fully explored,” Kyari posited.

He averred that there were lots of untapped investment opportunities in the nation’s Liquefied Petroleum Gas (LPG) and expressed the willingness of the NNPC to aggressively improve LPG infrastructure and consumption in the country.

Ambassador Thakur had earlier thanked the management of the corporation for the recent renewal of the crude oil term contracts for three Indian companies and sued for increment in the crude oil supply in view of the increasing energy needs of India.

He disclosed that India was ready to provide credit line mechanisms and expertise to help NNPC revamp its massive infrastructure across the country.

“India is prepared to offer Nigeria and particularly the NNPC a credit line mechanism to help her in the areas of refinery maintenance, construction, security, surveillance and anything possible. Our expertise in Information Technology (IT) is available as well. We are ready to cooperate with NNPC to boost our bilateral relations.”

Mr. Thakur also congratulated Kyari on his appointment as the GMD, noting that the confidence reposed in him was not misplaced.

Previous Article

SEC cancels ConRe’s acquisition meeting, orders new meeting

Next Article

Germany acquires 39.25 per cent equity stake in Royal Exchange

You may also like

Leave a Reply

Your email address will not be published. Required fields are marked *