New Telegraph

COP28: Baker Hughes To Invest In Nigeria Refineries

Baker Hughes, a global oil and gas giant has expressed interest and commitment to investing in Nigerian refineries, in a bid to sustain and enhance
their investment in Nigeria’s oil and gas industry.

Hughes’s commitment was made known during a pivotal meeting on the sidelines of the 28th United Nations Climate Change Conference (COP28) between the Minister for State Petroleum Resources (Oil), Sen. Heineken Lokpobiri and Chairman, President/CEO of Baker Hughes, Mr Lorenzo Simonelli.

According to a statement signed by Special Adviser to the Minister, Media and Communication, Nneamaka Okafor on Sunday, the meeting between Sen. Heineken Lokpobiri and Lorenzo Simonelli sets the stage for a promising collaboration that would not only strengthen the ties between Nigeria and Baker Hughes but also contributes to the realization of sustainable energy goals on a global scale.

Simonelli who conveyed Baker Hughes’ commitment to contributing to the energy transformation agenda of the Renewed Hope administration led by His Excellency, President Bola Ahmed Tinubu, emphasized the company’s readiness to collaborate with the Federal Government in advancing sustainable energy practices, aligning with the goals of COP28.

He said: “Nigeria is a blessed nation with vast potentials and great opportunities in diverse sectors. As a partner with the Federal Government over the years, we are inspired to direct investment in the refinery domain of oil and gas. Therefore, whatever that we can do to support to get started, I am willing to do that even now.”

Simonelli reiterated Baker Hughes’ commitment to supporting Nigeria’s efforts in achieving energy sustainability. He acknowledged the pivotal role the country plays in the global energy landscape and emphasized the importance of public-private partnerships in driving meaningful progress.

Minister of State for Petroleum (Oil) Heineken Lokpobiri who as always, looks out for an opportunity to sustain the country’s drive for increased oil and gas production as well as domestic refining of petroleum, commended the global giant for its longstanding partnership with Nigeria in the energy sector.

The Minister highlighted the company’s valuable contributions over the years and expressed optimism about deepening the collaboration through increased investment in the nation’s oil and gas industry.

Lokpobiri who assured the Baker Hughes delegation of the Nigerian Government’s commitment to creating an enabling environment for investments in the refinery sector, affirmed that adequate measures would be put in place to facilitate the seamless actualization of Baker Hughes’ investment plans, aligning with the overall vision of the Renewed Hope administration.

“I am very happy that you have joined other companies in identifying the great opportunities and Government’s favourable policies in our oil and gas sector and with the advent of the PIA, we now have a workable framework that guarantees a conducive environment for investment.”

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