Uche Usim, Abuja


The Nigerian National Petroleum Corporation (NNPC) on Thursday expressed its readiness to maintain the supply of 10 per cent of India’s crude oil demand in the face of competing demand for the product from other countries.

The Group Managing Director of the NNPC, Mele Kyari made the disclosure during a visit by the Indian High Commissioner to Nigeria, His Excellency Abhay Thakur.

The GMD stated that Nigeria, through the Corporation, would continue to support India’s energy security, adding that the recent Memorandum of Understanding in the area of energy between Nigeria and India would be consummated to further strengthen the bilateral relations between the two countries.

Mallam Kyari stated that NNPC was desirous of growing the energy cooperation with India and that it was time to progress from just talking to walking the talk.

He said India was a very important market and that NNPC would ensure that the current volume of crude oil supply from Nigeria to India is secured for the collective interest of both countries.

“We are ready to have a robust engagement with the Indian trade team to provide a win-win energy scenario between us. Every trade opportunity that is available will be fully explored,” Mallam Kyari posited.

He averred that there were lots of untapped investment opportunities in the nation’s Liquefied Petroleum Gas (LPG) and expressed the willingness of NNPC to aggressively improve LPG infrastructure and consumption in the country.

Earlier, the Indian High Commissioner to Nigeria, His Excellency Abhay Thakur, thanked the management of the corporation for the recent renewal of the crude oil term contracts for three Indian companies and sued for increment in the crude oil supply in view of the increasing energy needs of India.

He disclosed that India was ready to provide credit line mechanisms and expertise to help NNPC revamp its massive infrastructure across the country.

“India is prepared to offer Nigeria and particularly the NNPC a credit line mechanism to help her in the areas of refinery maintenance, construction, security, surveillance and anything possible. Our expertise in Information Technology (IT) is available as well. We are ready to cooperate with NNPC to boost our bilateral relations,” Thakur asserted.

The Indian High Commissioner also congratulated Mallam Kyari on his appointment as the Group Managing Director of NNPC, noting that the confidence placed in him was well considered for national interest.

sammyj:
Chai and then go say Nigerite is broke

Ipisi:
We don hammer

Ipisi:
We don hammer

Ipisi:
We don hammer

Ipisi:
We don hammer

Ipisi:
We don hammer

TIGRITIS:
Experts in macro economy, abeg wetin that one mean to us? Is that a plus or minus for us? Is that an increase in our output sales which (should) translate(s) to more national income?
Abeg, someone with sound understanding of this report to help.

EdiskyHarry:
Don't worry one day Niger delta oil will be exhausted, dat time i still want to hear the Northerners shouting "one Nigeria" o

Nbote:
NNPC have been supplying dat percentage of India's oil needs since their bilateral trade agreement

India seeks expansion of oil trade with Nigeria

FEBRUARY 1, 2010

Speaking at the beginning of a two-day working visit to Nigeria, the Indian Minister of Petroleum and Natural Gas, His Excellency, Shri Murli Deora remarked that his country was seeking to expand its purchase of Nigeria’s sweet crude which currently stands at 400,000 bpd, amounting to about $10 billion annually.

Read more at: https://www.vanguardngr.com/2010/02/india-seeks-expansion-of-oil-trade-with-nigeria/

Nigeria Replaces Saudi Arabia As Top Crude Oil Supplier To India

06/25/15

igeria has replaced Saudi Arabia as the largest crude oil supplier to India after its oil exports to India last month surged by nearly 200 percent, supplying some 745,000 barrels per day. It’s the first time in at least four years that Saudi Arabia, the world’s top crude exporter, has lost the top spot, according to Reuters.

The shift comes as more Indian refiners switch out their long-term contracts with Middle East suppliers in favor of African oil spot purchases. Saudi Arabia also fell behind Russia and Angola last month as the largest crude supplier to China. The petroleum kingpin struggles to maintain market share in Asia as the gap narrows between the Middle East price marker and the international crude oil benchmark Brent, Reuters reported.

India’s African oil imports rose to the highest in more than four years, from 15.5 percent in April to 26 percent in May with tankers mainly from Nigeria and Angola. Meanwhile, the share of Middle Eastern oil to India fell to 54 percent in May from 61 percent in April, with Saudi Arabia supplying some 732,400 barrels per day, according to Reuters.

https://www.ibtimes.com/nigeria-replaces-saudi-arabia-top-crude-oil-supplier-india-1983397