By Teddy Nwanunobi
Russia’s leading oil company, Lukoil subsidiary, Lukoil Company Nigeria Limited (LCNL), has announced plans to expand operations in Lagos State.
Valuechain reports that the LCNL is the operator of the OML 140 oil bloc.
The deal was revealed when the Nigerian Ambassador to the Russian Federation, Prof. Abdullahi Shehu, met with the Vice President of the Lukoil Group in charge of West Africa, Europe, and America, in Moscow, Mr. Ivan Romanovsky, on Thursday, August 19, 2021.
During the meeting they discussed bilateral cooperation between Nigeria and Russia, particularly, Lukoil’s investments in Nigeria
Romanovsky disclosed the company’s financial capacity to expand its operations in new areas of investment through partnership with indigenous companies.
He expressed willingness of cooperation with viable corporate entities and individuals alike, for mutual benefits.
Nigeria and Russia had agreed to develop Nigeria’s enormous oil potentials and infrastructure, including revamping Nigeria’s all refineries through the establishment of a joint venture (JV) between the NNPC and Russian based leading Lukoil company, which agreement was executed in October 2019, during the Russia-Africa summit in Sochi, the Russian Federation.
Under this agreement, the business interests/partnership include funding of the Warn Refinery and Petrochemical Company Rehabilitation project, as well as expansion of Lukoil’s Gas/Power interests in Nigeria.
Accordingly, a technical team of Lukoil, arrived in Nigeria in July 2021 to execute this agreement.
Shehu appreciated the resilience of the Group, particularly its expansionary vision in Nigeria.
He reiterated the need for Russian companies to visit Nigeria to have a better understanding and improve their perception of risk and how to mitigate such risks; as well as taking advantage of the large market in Nigeria as the right place to localise their businesses and investments in Africa.