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Oil and Gas: Nigeria, Saudi Sign Preliminary MoU

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The Federal Government has signed a Memorandum of Understanding (MoU) with the government of the Kingdom of Saudi Arabia for collaboration in the oil and gas sector. According to Saudi Arabia’s energy minister, Abdulaziz bin Salman, who spoke during the Saudi-Arab-African economic conference in Riyadh, the kingdom has signed preliminary agreements with Nigeria and other African countries, on energy-related cooperation.

Mohammed Al-Jadaan, Saudi finance minister, while speaking about the MoU signed, noted that the Saudi Fund for Development is worth two billion riyals ($533 million).

Also at the event, Nigeria's Minister for State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, who signed the MoU on behalf of The Federal Government noted that the country is intensifying its friendly ties with the Kingdom of Saudi Arabia based on the principle of equality and mutual benefits for the purpose of co-operation in our oil and gas sector.

According to him,