Nigeria to supply 10% of India’s crude oil demand
The Nigerian Government through the Nigerian National Petroleum Corporation, NNPC, has expressed readiness to supply 10 per cent of India’s crude oil demand in the face of competing demand for the product from other countries.
Group Managing Director of NNPC, Mallam Mele Kyari, stated this during a visit by the Indian High Commissioner to Nigeria, Abhay Thakur, a statement by the corporation’s spokesperson, Mr. Ndu Ughamadu, said.
Kyari said Nigeria, through the corporation, would continue to support India’s energy security, adding that the recent Memorandum of Understanding in the area of energy between Nigeria and India would be consummated to further strengthen the bilateral relations between the two countries.
He stated that NNPC was desirous of growing the energy cooperation with India and that it was time to progress from just talking to walking the talk.
The GMD noted that India was a very important market and that NNPC would ensure that the current volume of crude oil supply from Nigeria to India 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,” he said.
Kyari said there were lots of untapped investment opportunities in the nation’s Liquefied Petroleum Gas, LPG, and expressed the willingness of NNPC to aggressively improve LPG infrastructure and consumption in the country.
Earlier, the Indian High Commissioner to Nigeria, Thakur, 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 is available as well. We are ready to cooperate with NNPC to boost our bilateral relations,” Thakur noted.