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Russia Is Ready To Invest In The Nigeria-Morocco Gas Pipeline

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Russia has expressed interest in investing in the Nigeria-Morocco gas pipeline (NMGP) that aims to supply Europe and West Africa with natural gas.

Minister of State for Petroleum Resources, Timipre Sylva, who dropped the hint after paying Sallah homage on President Muhammadu Buhari at the Presidential Villa, Abuja, however, noted that the project would not be completed before the expiration of the administration.

“The Russians were with me in the office last week. They are very desirous to invest in this project and there are lots of other people who are also desirous to invest in the project,” Timipre Sylva Minister of State for Petroleum Resources said in Abuja.

“This is a pipeline that is going to take our gas all through a lot of countries in Africa and also, all the way to the edge of the African continent where we can have access to the European market as well.”

The pipeline’s feasibility study was estimated to cost $90.1 million. Last week, the OPEC Fund agreed to partially fund the study with a budget of $14.3 million. Nigeria and Morocco first signed the agreement on the project in December 2016. Besides linking the two countries, the 7,000 km pipeline is also expected to connect some other African countries to Europe.

Sylva said President Muhammadu Buhari’s government hoped to at least kickstart the project before leaving office in May 2023.

Nigeria is looking to become a major player in the world gas industry. Gas is one of the hydrocarbons Nigeria has in abundance, yet under-utilized. With the need for increased energy generation, industrial production and household consumption, the country is beginning to explore measures to take advantage of stranded investment in the natural gas space. Nigeria is rich in hydrocarbons but produces little electricity, making its industries uncompetitive.

Sources:  Oriental news, The guardian, Morocco World News, The Nation

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