Saudi Arabia to build refinery in Nigeria

Saudi Arabia to build refinery in Nigeria

- Saudi Arabia has said it may build refinery in Nigeria

- The minister of energy industry and mineral resources of the Kingdom of Saudi, Khalid Al Falih, dropped the hint during a meeting with Ibe Kachikwu

- Kachikwu said Nigeria was looking towards Saudi Arabia because of the country’s successes in the sector

The Kingdom of Saudi Arabia has hinted on the possibility of establishing a refinery in Nigeria.

Premium Times reports that Khalid Al Falih, the minister of energy industry and mineral resources of the Kingdom of Saudi Arabia, dropped the hint during a meeting with Nigeria’s minister of state for petroleum resources, Ibe Kachikwu, in Riyadh.

Legit.ng gathered that Kachikwu who affirmed the Saudi oil minister’s position said Nigeria was looking towards Saudi Arabia because of the country’s successes in the sector.

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“We want to leverage on the huge success of Saudi government in terms of petroleum. Last year alone Saudi Aramco, an equivalent of NNPC made about $200 billion as profit.

“We have a lot of common ground, historical ties, and religious ties and there’s a need to move further. We cooperate a lot with one another in OPEC especially in the Ministry of Energy,” Kachikwu said.

He said Nigeria is already setting up a team to make the reasons for the visit a reality.

A statement from Nigeria’s oil ministry, Kachikwu had on Tuesday met with top executives of Saudi Aramco in Dhahran to crystallize ongoing discussions on collaborating with the federal government of Nigeria on investments in the oil and gas sector.

The minister was received by the president and chief executive officer of Saudi Aramco, Amin H. Nasser and the top management of the conglomerate.

Meanwhile, Legit.ng had previously reported that the minister of state for petroleum resources, Ibe Kachikwu, said that Nigeria needs about N900 billion ($2.5 billion) in order to rehabilitate the country’s refineries.

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It was reported that the minister spoke in Riyadh, Saudi Arabia on Wednesday, April 24, when he met with the minister of energy industry and mineral resources of the Kingdom of Saudi Arabia, Khalid Al Falih.

Kachikwu said the country needs to make an urgent decision on what it will go with as there were several options on the table.

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Source: Legit Nigeria

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