US Firm, Barker Hughes Set To Build Oil Refinery In Nigeria

Baker Hughes, an American oil company, has signaled its interest in investing in Nigerian refineries as part of the government’s drive to reduce dependence on imported petroleum products. Despite being a major crude oil producer, Nigeria currently imports all its petroleum products, straining its currency in the foreign exchange market.

In a meeting with Senator Heineken Lokpobiri, the Minister for State Petroleum Resources (Oil), held on the sidelines of the 28th United Nations Climate Change Conference (COP28), Mr. Lorenzo Simonelli, Chairman, President/CEO of Baker Hughes, expressed a strong desire to sustain and strengthen their investments in Nigeria’s oil and gas sector. The focus includes a willingness to invest in refineries.

According to a statement from the minister’s media aide, Nneamaka Okafor, the meeting represents a significant step in the government’s efforts to attract investments to the oil and gas industry. Simonelli affirmed Baker Hughes’ commitment to supporting the energy transformation agenda of the Renewed Hope administration, led by President Bola Ahmed Tinubu.

Senator Lokpobiri praised the enduring partnership between Nigeria and the global giant, Baker Hughes, in the energy sector. He acknowledged the company’s significant contributions and expressed confidence in strengthening the collaboration through increased investments in the country’s oil and gas industry.

The senator assured the Baker Hughes delegation of the federal government’s dedication to fostering an enabling environment for investments in the refinery sector. He emphasized that necessary measures would be implemented to facilitate the smooth realization of Baker Hughes’ investment plans, aligning with the overarching vision of the Renewed Hope administration.

Expressing satisfaction, Senator Lokpobiri said, “I am very pleased that you, like other companies, recognize the immense opportunities and favorable government policies in our oil and gas sector. With the introduction of the PIA, we now have a viable framework ensuring a conducive environment for investment.”