Nigeria to Supply 10% of India’s Crude Oil Demand

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The Federal Government through the Nigerian National Petroleum Corporation has expressed its readiness to supply 10 per cent of India’s crude oil demand in the face of competing demand for the product from other countries.

NNPC’s Group Managing Director, Mele Kyari, announced the country’s commitment to continue the supply of crude to the foreign country while speaking at the corporation’s headquarters in Abuja on Thursday during a visit by the Indian High Commissioner to Nigeria, Abhay Thakur.

Kyari stated that 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 said NNPC was desirous of growing the energy cooperation with India and that it was time to progress from just talking to walking the talk.

According to him, India was a very important market and NNPC would ensure that the current volume of crude oil supply from Nigeria to India is secured for the collective interest of both countries.

 Kyari was quoted in a statement issued by the corporation’s spokesperson, Ndu Ughamadu, as saying, “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 noted that there were lots of untapped investment opportunities in the nation’s Liquefied Petroleum Gas and expressed the willingness of the NNPC to aggressively improve LPG infrastructure and consumption across the country.

 The Indian High Commissioner to Nigeria thanked the management of the corporation for the recent renewal of the crude oil term contracts for three Indian companies and called for increment in the crude oil supply in view of the increasing energy needs of India.

 Thakur said India was ready to provide credit line mechanisms and expertise to help NNPC revamp its widespread infrastructure across the country.

He said, “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.

Authored By: Okechukwu Nnodim

SOURCE: PUNCH

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