Russia, Nigeria sign gas, space cooperation agreements

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Russia, Nigeria sign gas, space cooperation agreements - Sputnik International
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Russia and Nigeria signed six agreements on cooperation, including in the natural gas and space spheres, following talks between the two countries' presidents, Dmitry Medvedev and Umaru Yar'Adua, on Wednesday.

ABUJA, June 24 (RIA Novosti) - Russia and Nigeria signed six agreements on cooperation, including in the natural gas and space spheres, following talks between the two countries' presidents, Dmitry Medvedev and Umaru Yar'Adua, on Wednesday.

Russian energy giant Gazprom and the Nigerian National Petroleum Corporation (NNPC) agreed to set up a joint venture, and deals on capital investment protection, extradition, and nuclear power were signed.

Vladimir Ilyanin, managing director at Gazprom Nigeria, said earlier the Russian gas monopoly could invest some $2.5 billion in the joint venture.

Nigeria is the second stop on Medvedev's African tour, following a trip to Egypt.

Russia is Nigeria's tenth largest trade partner, with trade of around $300 million per year.

The nuclear deal will allow Russia to take part in tenders for the construction of nuclear reactors in Nigeria.

Nigeria, which has recoverable uranium reserves, plans to build its first nuclear power plant in 2017, with generation capacity of between 1-4 GW.

Nigeria is rich in natural resources, including tin, columbite, iron ore and coal. It has 35 billion barrels of explored oil reserves and 4.1 trillion cubic meters of natural gas. The country is ranked among the world's top 10 crude exporters, and started exporting liquefied natural gas (LNG) in 1999.

 

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