Nigeria has reiterated its commitment to sustain the strategic energy partnership with Spain for the mutual benefit of the two countries.
Group Managing Director of the Nigerian National Petroleum Company Limited, NNPC, Mallam Mele Kyari, gave the assurance while addressing Nigerian and Spanish business leaders on investment opportunities in the Nigerian Oil and Gas Industry, in Madrid, Spain.
A statement by the NNPC Spokesperson, Garba Deen Muhammad, said Kyari spoke on the sidelines of President Muhammadu Buhari’s state visit to Spain, Wednesday.
The statement noted that Buhari had earlier met with the Spanish President, Pedro Sanchez, King of Spain, His Majesty, King Filipe VI, and gave a speech at the headquarters of the World Tourism Organization, WTO, in Madrid.
During the visit, the president said Nigeria looks forward to increasing bilateral relations with Spain, even as he signed bilateral agreements and Memorandum of Understanding, MoUs, with the Spanish leader, covering areas of prisoner transfer, sports and culture and the economy.
On his part, the NNPC CEO, Kyari, described the partnership between Nigeria and Spain as an important one for the NNPC.
“Twenty-six per cent of all LNG produced in Nigeria ends up in Spain. 14% of all Crude Oil produced in Nigeria ends up in this country. Clearly for us as a business, it is an important market for my company.”
He explained that the world would need energy for today and for the future in industries such as power, IT, automobile among others.
“We know that energy transition is real. We know that net-zero by 2050-2060 is real. But it doesn’t mean zero hydrocarbons in 2050-2060. It means that you are going to have a cleaner use of hydrocarbons,” he added.
Kyari further noted that investors must see where their money can come out from and when they invest, they must see that they can recover their cost and make some margin from it.
He also stated that in line with global acceptance of gas as a transition fuel, Nigeria has since declared 2021-2030 as the decade of gas.
“In our country today, we have a legislation that has clearly created a commercial National Oil Company which will be unveiled by our President in the coming days. Together with the Spanish business community, I am confident we can build this industry,” he said.