The Federal Government has signed a Memorandum of Understanding, MoU, with the government of Niger Republic for the importation of petroleum products into the country.
According to a statement from the Nigeria’s Ministry of Petroleum Resources, the MoU is a win-win situation for the both countries as the Niger’s Soraz Refinery in Zinder, has an installed refining capacity of 20,000 barrels per day compared to Nigeria’s 5,000bpd domestic requirement.
In the statement, sighted by TheCable on Friday, the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, signed the MoU on behalf of Nigeria while the Director-General of the Niger Republic’s National Oil Company, Societe Nigerienne De Petrole, SONIDEP, Alio Toune, signed on behalf of his country.
The signing was witnessed by the ministers of state for petroleum of the two countries, Timipre Sylva for Nigeria and Foumakoye Gado for Niger Republic.
In his remarks, Mr Sylva said: “This is a major step forward. The Niger Republic has some excess products which need to be evacuated. Nigeria has the market for these products. Therefore, this is going to be a win-win relationship for both countries.
“My hope is that this is going to be the beginning of deepening trade relations between Niger Republic and Nigeria.”
Earlier, Mr Kyari said the two countries have had long engagements in the last four to five months with a view to restoring the importation of petroleum products (excess production) from Niger into Nigeria.
“With this development, we hope to have a long-lasting and sustainable commercial framework to have a pipeline from the Soraz Refinery in Zinder (Niger) into the most proximate Nigerian city so that we can develop a depot.
“We are happy that we have reached that conclusion and our two ministers have endorsed this framework. We are also working on a detailed MoU between our two companies so that we can continue the execution process immediately,” he said.