Fuel: US firm ready to build refinery in Nigeria

By Nudoiba Ojen

American oil firm, Barker Hughes, has indicated interest in investing in refineries in Nigeria.

The Chairman, President/CEO of Baker Hughes, Mr. Lorenzo Simonelli, expressed the firm’s interest in sustaining and enhancing its investment in Nigeria’s oil and gas industry, including the readiness to invest in refineries.

A statement by Nneamaka Okafor, the media aide to the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, Simonelli spoke in a chat with the minister on the sidelines of the 28th United Nations Climate Change Conference (COP28).

The statement added that the meeting marked a significant milestone in government’s effort to attract investment into the oil and gas industry.

Simonelli conveyed Baker Hughes’ commitment to contribute to the energy transformation agenda of the Renewed Hope administration, led by President Bola Ahmed Tinubu.

He emphasized the company’s readiness to collaborate with the Federal Government in advancing sustainable energy practices, aligning with the goals of COP28.

He said: “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 the oil and gas. Therefore, whatever we can do to support to get started, I am willing to do that, even now.”

Senator Lokpobiri, in his response, lauded the global giant for its longstanding partnership with Nigeria in the energy sector.

He assured the Baker Hughes delegation of the Federal Government’s commitment to creating an enabling environment for investments in the refinery sector.

The minister affirmed that adequate measures would be put in place to facilitate the seamless actualization of Baker Hughes’ investment plans, aligning with the overall vision of the Renewed Hope administration.

He said, “I am very happy that you have joined other companies in identifying the great opportunities and government’s favourable policies in our oil and gas sector and with the advent of the PIA, we now have a workable framework that guarantees conducive environment for investment”.

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