The Nigerian National Petroleum Corporation (NNPC) has guaranteed India that it would supply 10% of its crude oil need despite competition for the product from other countries.
Mele Kyari, NNPC’s group managing director, made this known on Thursday when he received Abhay Thakur, Indian high commissioner to Nigeria, at the NNPC office on Thursday.
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 was 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,” Kyari said
He added 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.
India used to be Nigeria’s largest crude oil buyer before some of the oil companies in the country shifted attention to America’s shale.
Earlier, 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 said 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,” Thakur said.
“Our expertise in Information Technology (IT) is available as well. We are ready to cooperate with NNPC to boost our bilateral relations.”