Gazprom aims to invest $2.5 billion in Nigeria gas

ABUJA (Reuters) – Russian gas giant Gazprom (GAZP.MM) wants to invest at least $2.5 billion in the development and production of Nigeria’s natural gas reserves, the world’s seventh largest, a company source told Reuters on Friday.

The world’s largest gas firm is in talks with state-run Nigerian National Petroleum Corp. (NNPC) on joint venture projects in Africa’s largest oil and gas producer.

“About $2.5 billion is understood to be the Gazprom investment programme for Nigeria,” said a company official working in Nigeria. “Ninety percent of it is for developing the domestic gas production, processing and transportation.”

He declined to say when a final agreement may be signed with NNPC. The two sides signed a memorandum of understanding in September.

Reuters