Saudi Aramco is mulling investment in Nigeria, says NNPC, the country’s state hydrocarbon company and the most influential entity in the West African oil patch.
NNPC is keen on having Saudi Aramco invest in the Nigerian midstream, but the important part of the story is that the Saudi state firm wants to use NNPC as a platform to supply West Africa with gasoline, says Mele Kyari, the NNPC chief executive.
And the NNPC, surprisingly, doesn’t mind. The two parties are holding talks on potential cooperation.
Teams from NNPC and ADNOC, which is the UAE’s state hydrocarbon firm, have also met in Abu Dhabi to discuss investment opportunities that could range from upstream to midstream to downstream, Kyari told reporters at a recent industry event in Fujairah in the UAE.
Mr. Kyari doesn’t see a problem with the Nigerian state owned oil firm, having an agreement with a Saudi Oil Company to supply gasoline into West Africa, at the time a Nigerian owned business entity is at a significant stage of construction of a large refinery, to produce gasoline and other products, with focus on the West African market. The Dangote Refinery, the largest single train in the world, will cost between 9 and 11 Billion US Dollars, according to estimates. Instead, the NNPC CEO gushes: “Aramco is quite keen on getting the opportunity to supply gasoline to West Africa and we will provide them with the right platform.” Mr. Kyari also adds: “We are the largest importer of gasoline in West Africa. It is a clear opportunity for them.”
Does this man understand what he is talking about??? How on earth could anyone dream of that at this moment? If na joke, please stop. Let’s the products of Dangote Refinary be out first.
It is not in the best interest of Nigeria for NNPC to allow Aramco flood Nigeria and West African region with refined petroleum products except they are investing in present NNPC refineries or building new ones to complement Dangote giant forward looking investments with profound gains to Nigerians and our economy.