Nigeria, Russia sign gas exploration pact

September 4th, 2008 - 8:34 pm ICT by IANS  

Lagos (Nigeria), Sep 4 (Xinhua) Nigeria and Russia have signed a pact to explore natural gas reserves in the West African nation, media reports said Thursday.The Lagos-based Guardian newspaper reported that Russia’s energy giant Gazprom and the Nigerian National Petroleum Corporation (NNPC) signed a Memorandum of Understanding (MoU) Wednesday for various gas projects in Nigeria.

The agreement has paved the way for joint projects in exploration, production, transportation of hydrocarbons, and construction of power plants besides others, a statement issued after the signing, said.

“It is planned that a joint Nigerian company will be formed,” Gazprom said in the statement.

Gazprom has listed Nigeria as one of its new investment zones, it said.

In January this year, Gazprom proposed a multi billion dollar investment package for Nigeria, thus announcing to play a bigger role in the country’s oil and gas sector.

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