The Federal Government has begun talks with Saudi Arabia national oil company, Aramco for investment in the country’s refineries.
The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, disclosed tis on Wednesday while speaking with ‘Bloomberg Daybreak: Americas’ on the sidelines of the Financial Sector Conference, at Riyadh, Saudi Arabia.
This is coming after repeated attempts at revamping the nation’s moribund refineries that performed grossly below capacity over the years.
The country has also almost solely on imported petroleum products to fuel the economy.
“We are looking at cooperation along very multi levels. For example, we are asking for some investments into four of our refineries,” Kachikwu said.
Continuing, the minister said: “We are looking at the potential for Liquefied Natural Gas investment. We are looking at some straight trade deals in terms of our DSDP programme, to see how they (Saudi Arabia) can participate and bring in products into the country.”
The direct sale of crude oil and the direct purchase of products started in 2017. Under the DSDP model, selected overseas refiners, trading companies and indigenous companies are allocated crude supplies in exchange for the delivery of an equal value of petrol and other refined products to the NNPC.
A tweet by the Ministry of Petroleum Resources, confirmed on Wednesday that Kachikwu and the President of Saudi Aramco had discussed investment options in the mid and downstream sector.
The ministry, on its Twitter feed, said Kachikwu and Aramco officials including its president discussed “areas of shared investment interests and existing viable investment options in the midstream and downstream sector.”
The ministry also tweeted that Kachikwu held talks with Saudi Arabia’s energy minister to “cement the budding interest to support Nigeria’s infrastructure development in the oil sector.”