Russia's second-largest oil company, privately controlled Lukoil, has said it is planning to expand its operations in Nigeria.

Ivan Ramanovsky, the company’s Vice President in charge of West Africa, Europe and America disclosed this during a visit of the Nigerian Ambassador to the Russian Federation, Professor Abdullahi Shehu, on Thursday.

In a statement made available by the Nigerian Embassy, Ramanovsky noted that the company’s financial capacity informed its quest to expand its operations in new areas of investment through partnership with indigenous companies.

The statement reads, “One of the man thrusts of Nigeria’s foreign policy is to attract direct foreign investments into the country. The objective received a practical boost when His Excellency, Prof Abdullahi Shehu, the Nigerian Ambassador to the Russian Federation met with Mr Ivan Ramanovsky, the Vice President of the Lukoil Group, in charge of West Africa, Europe and America in Moscow, Thursday 19th August 2021.

“They discussed bilateral cooperation between Nigeria and Russia, particularly, Lukoil investments in Nigeria. During the meeting, which was held at Lukoil international headquarters in Moscow, following a familiarisation visit by Professor Shehu, the VP Lukoil informed that the company had a financial capacity to expand its operations in new areas of investment through partnership with indigenous companies.

“Therein, he expressed willingness of cooperation with viable corporate entities and individuals alike, for mutual benefits. It may be recalled that Nigeria and Russia agreed to develop Nigeria’s enormous oil potentials and infrastructure, including revamping Nigeria’s oil refineries thorough the establishment of a Joint Venture between the NNPC and Russian based leading LUKOIL company, which agreement was executed in October 2019 during Russia – African summit in Sochi, the Russian Federation.

“Lukoil Company Nigeria Limited, a subsidiary of Lukoil Group of companies and operator of the OML 140 Oil Block in Nigeria, has announced its plan to expand operations in Lagos, Nigeria.”

 

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