Economy
Nigerian Government Signs MoU Agreement To Start Importing Petrol From Niger Republic (Details Below)
Niger Republic has some excess products which need to be evacuated, while Nigeria has the market for these products.”
The Federal Government of Nigeria and the Republic of Niger on Thursday signed a Memorandum of Understanding (MoU) for petroleum products transportation and storage.
It was gathered that talks have been on-going between the two countries for over four months through the Nigerian National Petroleum Corporation (NNPC) and Niger Republic’s National Oil Company, Societe Nigerienne De Petrole (SONIDEP), on petroleum products transportation and storage.
Niger Republic’s Soraz Refinery in Zinder located about 260 kilometres from the Nigerian border, has an installed with a refining capacity of 20,000 barrels per day. Niger Republic’s total domestic requirement is about 5,000bpd, thus leaving a huge surplus of about 15,000 bpd, mostly for export.
Speaking shortly after the MoU signing, the Nigerian Minister of State for Petroleum Resources, Timipre Sylva described the move as a huge step in developing trade relations between both countries.
“This is a major step forward. Niger Republic has some excess products which need to be evacuated,” he said.
“Nigeria has the market for these products. Therefore, this is going to be a win-win relationship for both countries.”
Also commenting on the development, the Secretary General of African Petroleum Producers Organisation, APPO, Omar Farouk Ibrahim said he could not be happier with what he witnessed in terms of co-operation and collaboration between the two APPO member-countries in the area of hydrocarbons.
In his remarks, the GMD NNPC, Mele Kyari, said the two countries have had long engagements in the last four to five months with a view to restoring the importation of petroleum products with the excess production from Niger into Nigeria.
Edujandon.com recalls that a week ago, the pump price of petrol settled between N168 to N170 per litre after the NNPC increased the wholesale price of the product from N147 to N155.
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