ISLAMABAD – The Pakistani government has approved a plan to enhance business-ties with energy rich Nigeria aiming at exploring its oil and gas markets to import crude oil and liquefied natural gas (LNG), local media reported.
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Ministry of Energy has been given the green signal by the federal government for holding negotiations with the Nigerian government to engage with it without the bidding process. Enhanced ties with Nigeria will boost investment opportunities in both countries.
The two countries will share technical and other information under the proposed accord to harvest mutual benefits, besides conducting joint ventures in different sectors regarding infrastructure development and others, the media outlet added.
Currently, Pakistan’s per annum import of LNG is stood at 4.5 million tons and it will be increased to 9 million tons by the end of running calendar year, while the country is required to take the import level to 20 million tons per year in three years.
Nigeria has maintained its position among top five LNG exporters despite its production decreasing to 1.8 million tons in 2016.
“The two countries will also conduct joint development studies, evaluate the possibility of well drilling, examine production data including samples of work areas and exchange results of studies,” The Express Tribune reported.
Pakistan and Nigeria will also explore the storage facilities for oil and oil products, marketing, distribution, and retail.