The Nigerian National Petroluem Company Ltd, the Nigerian Liquefied Natural Gas Ltd and GALP Energia of Portugal have commenced talks for the Portuguese firm to invest in Nigeria’s energy sector.
This partnership is one of the gains recorded Nigeria-Portugal Business Forum which is being organized as part of measures to unlock fresh investments in critical sectors of the Nigerian economy
The event was attended by President Muhammadu Buhari; the President of Portugal, Marcelo Sousa; the Minister of Industry, Trade and Investment, Niyi Adebayo; the Group Managing Director of NNPC Ltd Mele Kyari; Nigeria’s Ambassador to Portugal, Alex Kefas; the Group General Manager NAPIMS Bala Wunti; and the Executive Secretary of the Nigerian Investment Promotion Commission Emeka Offor among others
The NNPC said that through the collaboration, the three companies have been able to restate their determination to increase supplies to Portugal and other European nations.
Nigeria currently provides 70 per cent of Liquefied Natural Gas to Portugal and its part of the sovereignty of energy security in Portugal.
Portugal is currently insulated from the Russian-Ukraine crisis in Europe because of the supply of gas that the country gets from Nigeria.
Between January and June this year, the NNPC earned over $1bn from gas exports to Portugal, according to the
The NNPC said, “NNPCLimited, GALP Energia and @nigeriaLNG all reiterated their determination to increase supplies to Portugal and other European nations, while engaging further to facilitate investments by GALP Energia in Nigeria.”
Galp Energia is a multinational energy corporation, headquartered in Lisbon, Portugal and consists of more than 100 companies engaged in every aspect of the oil and natural gas supply, hydrocarbon exploration and production; refining, trading, logistics and retailing; co-generation and renewable energy.
It was founded in 1999 through the merger of Petrogal, Gás de Portugal and Transgás.
It is organized into four business units, which include, Upstream, Refining and Midstream, Commercial, Renewables, New Businesses.
Source: The Whistler.