- Baker Hughes, one of the world's largest oil field services companies, is planning to invest in Nigeria's refineries
- The American company is one of the world's largest oil field services companies and is present in over 120 countries
- According to the petroleum minister, the investments would lead to increased oil and gas production
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
A global oil and gas conglomerate, Baker Hughes, has shown interest in participating in Nigeria's forthcoming bid round for marginal oil fields.
The American company is one of the world's largest oil field services companies and operates in over 120 countries.
According to Punch, Nneamaka Okafor, Special Adviser to the Petroleum Minister on Media, announced this in a statement.
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The Chairman/President of Baker Hughes, Lorenzo Simonelli, at a meeting on the sidelines of the 28th United Nations Climate Change Conference in the United Arab Emirates, was engaged by Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil).
FG commits to transformation agenda
Simonelli expressed the oil firm's commitment to contributing to the federal government's energy transformation agenda.
In addition, he communicated its interest in working with the federal government on sustainable energy practices in line with the goals of COP28.
“Nigeria is a blessed nation with vast potentials and great opportunities in diverse sectors. As a partner with the Federal Government over the years, we are inspired to direct investment in the refinery domain of oil and gas. Therefore, whatever we can do to support to get started, I am willing to do that even now.”
On his part, Lokpobiri noted that the investment would trigger increased oil and gas production and domestic refining of crude.
The minister said Nigeria now has a workable framework that guarantees a conducive environment for investment given the great opportunities and the government's favourable policies in the oil and gas sector and with the advent of the Petroleum Industry Act
Earlier, Legit.ng reported that the Managing Director of the Bank of Industry Limited pledged to finance the Waltersmith Refinery just days after the refinery commenced operations.
Newly launched Nigerian refinery announces date for implementation of phase 2
Legit.ng also reported that Abdulrazaq Isa, the chairman of Waltersmith Group, said the company was working on ensuring that the implementation of the phase two project of the Waltersmith Refinery comes on board.
He said this during the recent official visit and tour by Lokpobiri to the refinery project site in Imo state.
Lokpobiri's visit followed came after the modular refinery owned by Waltersmith Petroman Oil Limited began operations to produce 600 million litres of different types of products.