IOC to invest $ 2 bn in Nigeria

Aug 03, 2006 02:00 AM

Indian Oil Corporation (IOC) is set to make $ 2 bn investment in Nigeria for setting up a 6 mm tpy refinery in the Edo state.
The state-run oil refiner would negotiate a long-term crude oil supply contract with the Nigerian government, for 12-15 years and is also expected to negotiate for equity stakes in producing oil properties in Nigeria.

IOC's chairman and managing director, Sarthak Behuria, is leaving for Nigeria to discuss the modalities of this proposal with the Nigerian president, Olusegun Obasanjo, who is also the commander in chief of the Federal Republic of Nigeria.
In 2000, Nigeria became India’s largest supplier of crude oil, ahead of Saudi Arabia and India became Nigeria’s third largest buyer, after the United States and Spain. Nigeria is a major player in the global oil economy with 33 bn barrels of proven oil reserves and 4 tcf of gas reserves. It also accounts for 8 % of the total oil production of the Organisation of Petroleum Exporting Countries (OPEC).

Considering the favourable economics of using Nigerian grade crude oil in its refineries, IOC has been importing large volumes of Nigerian crude oil.
At present, IOC has a term contract with the Nigeria National Petroleum Corporation (NNPC), under which it is importing 2 mm tpy of crude oil. The Indian oil giant is keen to increase the crude oil quantities from Nigeria to at least 4-6 mm tpy.

Source: IRIS News Digest
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