Nigeria has reached an oil deal with Lukoil Corporation Nigeria Limited, a subsidiary of Russia’s largest oil company and operator of the OML 140 Oil Block, to extend operations in Nigeria.

On Thursday, August 19, 2021, the Nigerian Ambassador to the Russian Federation, Prof. Abdullahi Shehu, met with Ivan Romanovsky, vice president of the Lukoil Group in charge of West Africa, Europe, and America, in Moscow.

They addressed bilateral cooperation between Nigeria and Russia, particularly Lukoil’s interests in Nigeria, during the meeting. Lukoil’s VP explained the company’s financial capacity to grow its activities in new areas of investment by forming partnerships with local enterprises.

Nigeria and Russia had agreed to develop Nigeria’s vast oil potential and infrastructure, including revamping all of the country’s refineries, through the establishment of a joint venture between the NNPC and Russia’s leading Lukoil company, which was signed in Sochi, Russian Federation, in October 2019.

Funding for the Warri Refinery and Petrochemical Company Rehabilitation Project, as well as expansion of Lukoil’s Gas/Power holdings in Nigeria, are among the commercial interests/partnerships covered by this agreement. Lukoil’s technical team came to Nigeria in July 2021 to carry out this deal.

In his remarks, the Nigerian ambassador praised the Group’s tenacity, notably its expansionary goal in Nigeria. He emphasised the need for Russian enterprises to visit Nigeria so they have a better understanding of risk and how to minimise it and to take advantage of Nigeria’s enormous market as the best area to locate their operations and investments in Africa.