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BUSINESS

US Firm, Barker Hughes Set to Build Oil Refinery in Nigeria

December 4, 2023 • 2 min read

American oil firm, Barker Hughes, has expressed interest in investing in refineries in the country, as the federal government intensifies effort to end petroleum products importation.

Nigeria, a major crude oil producer, imports all its petroleum products, which has put enormous pressure on its currency in the foreign exchange market.

But speaking during a meeting with the Minister for State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, on the sidelines of the 28th United Nations Climate Change Conference (COP28), Lorenzo Simonelli, Chairman, President/CEO of Baker Hughes, expressed keen interest in sustaining and enhancing their investment in Nigeria’s oil and gas industry, including the readiness to invest in refineries.

A statement by the media aide to the minister, Nneamaka Okafor, said yesterday’s meeting marked a significant milestone in the effort of the government to attract investment into the oil and gas industry.

Simonelli conveyed Baker Hughes’ commitment to contribute to the energy transformation agenda of the Renewed Hope administration, led by President Bola Ahmed Tinubu.

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

Simonelli said: “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 the oil and gas.

”Therefore, whatever we can do to support to get started, I am willing to do that, even now.”

In his response, Senator Lokpobiri commended the global giant for its longstanding partnership with Nigeria in the energy sector.

He 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.

Senator Lokpobiri assured the Baker Hughes delegation of the federal government’s commitment to creating an enabling environment for investments in the refinery sector.

He affirmed 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 conducive environment for investment,” he stated.