India may invest $15 billion in Nigeria’s oil, gas sector – Feedback

India and Nigeria are in talks on signing an agreement in December by which India will invest in refineries, as well as in exploration and production of oil and gas in the African country, the Indian petroleum ministry said on Monday.

Petroleum minister Dharmendra Pradhan held talks in the Capital on Monday with Nigerian minister of state for petroleum Emmanuel Ibe Kachikwu, who is on a three-day official visit to India. Both ministers agreed “to work on a memorandum of understanding to facilitate investments by India in the Nigerian oil and gas sector and include areas such as term contract, participation of Indian companies in the refining sector, oil and gas marketing sector, upstream sector, development of gas infrastructure and training of oil and gas personnel in Nigeria,” a statement said.“The Nigerian minister requested a potential investment by India of $15 billion, if the terms can be agreed to, in Nigeria, as upfront payment for crude purchase,” it said.

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