New Telegraph

Minister Woos UAE To Invest In Oil, Gas Pipelines

The Federal Government has urged the United Arab Emirates (UAE) to invest especially in the area of crude oil evacuation facilities in Nigeria. The Minister of State for Petroleum (Oil), Heineken Lokpobiri, spoke to a delegation from UAE led by the Emirates Ambassador to Nigeria, Salem Al Shamsi during a recent visit to him. He urged them to consider investing in the renewal and reconstruction of the more than 50-year-old oil pipelines in Nigeria. He explained that the facilities had outlived their lifespans.

According to him, Nigeria and the UAE have similar investment strategies concerning oil exploration. Lokpobiri said: “This country has enormous investment opportunities, our pipelines need renewal. They have been there for over 50 years since Nigeria found oil in commercial quantities in 1956/1958. “And from then till now it is almost 70 years and most of those pipelines were built around that time and have already outlived their lifespans. And even if you can produce, you need to evacuate to the terminals where you would export.

“So it is an opportunity that we are looking up to potential investors from the UAE to come and invest here and recover their money through those investments. “Part of what we are proposing is that if you come and invest you will get your money, for as you transport the crude you’ll take it. Proportionately you’ll recover your investments, for any barrel of crude you transport through your pipes, you have to recover your investment by placing mutually agreeable charges.” The minister said that Nigeria has over 208 trillion cubic feet of gas.

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