India looks to invest $15bn in Nigeria’s oil and gas sector

India is looking at signing a preliminary agreement with Nigeria in December for investing in refineries as well as exploration and production of oil and gas in the African nation, The New Indian Express reports.

Oil Minister Dharmendra Pradhan along with his Nigerian counterpart, Emmanuel Ibe Kachikwu discussed the potential in diversifying the engagement of the two countries in the hydrocarbon sector on Monday. “The Nigerian Minister requested a potential investment by India of $15 billion, if the terms can be agreed to, in Nigeria as upfront payment for crude purchase,” an oil ministry statement said.

This amount is to be repaid on the basis of firm crude oil sales to India over some years and in consideration for collaborating in refining sector, exploration and production activities. “Both agreed to explore investment opportunities for Indian public and private sector companies in Nigeria,” it added. In 2015-16, India imported nearly 23.7 MMT of crude (nearly 12% of India overall imports) from Nigeria.