Global oil giant, Baker Hughes, assures of new investment in Nigeria's refineries sector

Advertisements

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

Hughes expressed this commitment during a 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.

A statement by Special Adviser to the Minister, Media and Communication, to the minister, Nneamaka Okafor, on Sunday, stated that the new investment commitment was arrived at during the meeting between Sen. Heineken Lokpobiri and Lorenzo Simonelli.

The statement said Simonelli said the collaboration 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 assured of Baker Hughes’ commitment to contributing to the energy transformation agenda of Renewed Hope by the President Bola Ahmed Tinubu administration.

He also assured of the company’s readiness to collaborate with the Federal Government in advancing sustainable energy practices, aligning with the goals of COP28.

According to him, “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 highlighted 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. 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 assured the Baker Hughes delegation of the Nigerian Government’s commitment to creating an enabling environment for investments in the refinery sector, affirming 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,” he said.