IOC plans refinery and gas import terminal in Nigeria

State-run Indian Oil Corp (IOC) plans to build a refinery and a liquefied natural gas import terminal in Nigeria and is seeking to increase import of crude oil from the African nation.
After a meeting with his India counterpart Murli Deora, Nigeria's Oil Minister Edmund Daukoru said his country, which ranks sixth among members of OPEC that accounts for 40 % of the world's oil output, wants India to invest in gas pipelines and refinery projects.

In return, India wants Nigeria to raise oil supply commitments to the South Asian nation by a third to 3 mm tons.
"IOC is interested in taking up the refinery that is being put up for sale," Daukoru said. The minister said Nigeria was also encouraging IOC to set up one of the four new grass-root refinery of 200,000 bpd being planned in Nigeria to increase processing of domestic crude oil.

IOC Chairman Sarthak Behuria said the Nigerian minister was referring to the Port Harcourt refinery that is being put up for sale.
"We had previously proposed to set up a 6 mm tons refinery in Edo state of Nigeria provided we are allocated an oil block. Our proposal still stands and we would be interested in building one of the four new refineries being planned by Nigeria if we get an oil field," Behuria said.

Daukoru said Nigeria was also seeking investment from Indian companies in oil exploration and has invited companies like Oil India Ltd (OIL) and GAIL India to participate in the tender for about 55 oil blocks that will come in end-February.