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Tuesday, September 27, 2022

OML 140: Russian Plans BIG For Nigeria’s Oil Industry

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The wholly owned second-largest Russian oil company, Lukoil, announced it will increase its Nigerian activities.

During a meeting with the Nigerian Ambassador to Russia, Professor Abdullahi Shehu, in St. Petersburg on Thursday, Ivan Ramanovsky, the company’s Vice President in charge of West Africa, Europe, and America, disclosed this information.

Ramanovsky stated that the financial capacity of the corporation influenced its plan to grow through partnerships with indigenous companies.

One of Nigeria’s foreign policy initiatives is to welcome direct foreign investment. In light of the appointment of His Excellency, Prof Abdullahi Shehu, the Nigerian Ambassador to the Russian Federation, the campaign objective was more concretely attained in Moscow on Thursday, August 19th, 2021, when His Excellency, the Ambassador, met with Mr. Ivan Ramanovsky, the Vice President of the Lukoil Group, in charge of West Africa, Europe, and the Americas.

Nigeria and Russia addressed collaboration on a bilateral level, notably with regard to Lukoil investments in Nigeria. Lukoil Vice President Luk provided an update on the company’s financial ability to expand its activities into new areas of investment through cooperation with indigenous enterprises during a meeting held at the company’s worldwide headquarters in Moscow.

However, he showed openness to working with viable corporations and other entities, including individuals, for mutual gains. It is known that in October 2019, Nigeria and Russia reached an agreement to develop Nigeria’s massive oil potential and infrastructure, including renovating Nigeria’s oil refineries using a joint venture between the Nigerian National Petroleum Corporation (NNPC) and the LUKOIL-owned LUKOIL Ltd. The agreement was signed in Sochi, Russia, during the Russia-African summit in Sochi.

Lukoil Nigeria Limited, a part of the Lukoil Group of companies and operator of the OML 140 Oil Block in Nigeria, has stated its intention to expand activities in Lagos, Nigeria.

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