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Nigeria through the Ministry of Petroleum Resources autographed a Memorandum of Understanding with the Administration of Niger Republic for Petroleum Products Importation
Posted On 23 Nov 2020
By Abdul Rahman Bangura–
Photo Credit: Oilprice
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- However, from an assertion broadcasted by the Ministry, Soraz Refinery in Zinder, Niger Republic, has an established refining facility of 20,000 barrels per day correlated to the nation’s 5,000bpd household requirement. And this takes off a surplus of 15,000 barrels per day.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari endorsed the MoU on behalf of Nigeria while Alio Toune, Director-General of Niger Republic’s National Oil Company, Societe Nigerienne De Petrole (SONIDEP), approved on behalf of his country.
The signing was seen by the Ministers of State for petroleum of the two nations, Timipre Sylva for Nigeria and Foumakoye Gado for Niger Republic.
“This is a major step forward. The Niger Republic has some excess products which need to be evacuated. Nigeria has the market for these products. Therefore, this is going to be a win-win relationship for both countries,” Sylva asserted.
“My hope is that this is going to be the beginning of deepening trade relations between Niger Republic and Nigeria.”
In his observations, Kyari stated the two countries have had long betrothals in the last four to five months with a view to rebuilding the importation of petroleum products (excess production) from Niger into Nigeria.
“With this development, we hope to have a long-lasting and sustainable commercial framework to have a pipeline from the Soraz Refinery in Zinder (Niger) into the most proximate Nigerian city so that we can develop a depot.
“We are happy that we have reached that conclusion and our two ministers have endorsed this framework. We are also working on a detailed MoU between our two companies so that we can continue the execution process immediately.”
Nigeria presently imports refined petroleum products despite having four refineries. As a result, scarce forex is expended to guarantee that, there is no shortage in the country. Government officials have portrayed confidences that, the 350,000 capacity Dangote refinery being constructed will end the era of petroleum products importation in Nigeria.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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Thank you for reporting. We in Africa need more refining facilities and capacity, for our crude oils. Would give us opportunity to use and export oil. Time to process our natural resources. Cape town South Africa. Rebecca
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