The Federal Government has signed a Memorandum of Understanding (MoU) with Niger Republic on the transportation and storage of petroleum products.
This was disclosed by the Ministry of Petroleum Resources via its Twitter handle on Thursday.
It tweeted, “Nigeria, Niger Republic Sign MoU on Petroleum Products Transportation, Storage. NNPC Pledges to Support SONIDEP on Capacity Building.”
The MoU was signed by the GMD NNPC, Mallam Mele Kyari and the Director-General of SONIDEP, Mr. Alio Toune under the supervision of the two countries’ Ministers of State for Petroleum, Çhief Timipre Sylva and Mr. Foumakoye Gado, respectively with the Secretary-General of the African Petroleum Producers Organisation (APPO), Dr. Omar Farouk Ibrahim in attendance.
Sylva explained that development is another huge step in developing trade relations between both countries.
He said, “This is a major step forward. Niger Republic has some excess products which needs to be evacuated. Nigeria has the market for these products. Therefore, this is going to be a win-win relation for both countries.”
What you should know
Following bilateral agreements between Nigeria’s President Muhammadu Buhari and President Mahamadou Issoufou, talks have been on-going between two countries for over four months – through the Nigerian National Petroleum Corporation and Niger Republic’s National Oil Company, Societe Nigerienne De Petrole (SONIDEP), on petroleum products transportation and storage.
Niger Republic’s Soraz Refinery in Zinder, some 260km from the Nigerian border, has an installed refining capacity of 20,000 barrels per day. Niger’s total domestic requirement is about 5,000bpd, thus leaving a huge surplus of about 15,000 bpd, mostly for export.