The Ministry of Petroleum has signed a Memorandum of Understanding MoU with the Government of Niger Republic for the importation of fuel.
In a statement released by the Ministry of petroleum, Soraz Refinery in Zinder, Niger Republic has a surplus of 15,000 barrel each day following an installed refining capacity of 20,000 barrels per day compared to the nation’s 5,000bpd domestic requirement.
The Group Managing director of the Nigerian National Petroleum Corporation( NNPC), Mele Kyari and Alio Toune, Director-General of Niger Republic’s National Oil Company, Societe Nigerienne De Petrole (SONIDEP), signed the Memorandum on behalf of both counties.
According to the Minister of state for petroleum, Timipre Sylva who witnessed the signing, assured that the relationship is a win-win situation for both countries.
“This is a major step forward. The Niger Republic has some excess products which need to be evacuated. Nigeria has the market for these products. Therefore, this is going to be a win-win relationship for both countries,” Sylva said.
“My hope is that this is going to be the beginning of deepening trade relations between Niger Republic and Nigeria.”
Mele Kyari in his remarks said Nigeria and Niger Republic have had long engagements in the last four to five months with a view to restoring the importation of excessively produced petroleum products from Niger into Nigeria.
“With this development, we hope to have a long-lasting and sustainable commercial framework to have a pipeline from the Soraz Refinery in Zinder (Niger) into the most proximate Nigerian city so that we can develop a depot.
“We are happy that we have reached that conclusion and our two ministers have endorsed this framework. We are also working on a detailed MoU between our two companies so that we can continue the execution process immediately.”