Nigeria to sell 10% of own oil exports to India — NNPC

Oil Cargo
Oil vessel used to illustrate the story

The Nigerian National Petroleum Corporation (NNPC) says it will supply 10 per cent of its crude oil export to India to help resolve a growing energy crisis in the country.

India, the world’s second most populous country, needs crude oil and refined petroleum products from other countries to resolve her growing energy crisis.

The Group Managing Director of the NNPC, Mele Kyari, said Nigeria will continue to support India’s energy security challenge in whatever way it can.

The NNPC spokesperson, Ndu Ughamadu, said in a statement on Thursday that Mr Kyari stated this during the visit by the Indian High Commissioner to Nigeria, Abhay Thakur, to the NNPC headquarters in Abuja.

According to Mr Ughamadu, the NNPC GMD said the recent Memorandum of Understanding in energy security between Nigeria and India would further strengthen the bilateral relations between the two countries.

Mr Kyari who said the NNPC was desirous of growing energy cooperation with India said it was time to progress from just talking to walking the talk in the relationship.

He said India was a very important market in the world, as such the NNPC will ensure 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 robust engagement with the Indian trade team to Nigeria, to provide a win-win energy scenario. Every trade opportunity that is available will be fully explored,” Me Kyari said.

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The NNPC GMD said there were lots of untapped investment opportunities in the country’s Liquefied Petroleum Gas (LPG) sector.

He expressed NNPC’s willingness to aggressively develop and improve LPG infrastructure and consumption in the country.

In his remarks, the High Commissioner thanked the NNPC’s management for the recent renewal of the crude oil lifting term contracts for three Indian companies that participated in the bid exercise.

Mr Abhay demanded increased allocation in the crude oil supply from Nigeria in view of the increasing energy needs of India.

He disclosed that India was ready to provide credit lines and expertise to help the NNPC revamp its massive oil infrastructure across the country.

“India is prepared to offer Nigeria, particularly the NNPC, a credit line mechanism to help her in the areas of refinery maintenance, construction, security, surveillance and anything possible.

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“Our expertise in Information Technology (IT) is available as well. We are ready to cooperate with NNPC to boost our bilateral relations,” Mr Abhay said.

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