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Nigeria Gas development: Russian firm plans $2.5b investment

A Russian firm Gazprom (GAZP.MM) plans to invest $2.5 billion in Nigeria’s Gas sector, the funds wiil be spend on development and production of Nigeria’s Gas

“We are one month away from getting a conclusion on the JV (joint venture) deal,” said Vladimir Ilyanin, Managing Director of Gazprom Nigeria, during a Stakeholders Roundtable to discuss Nigeria’s Oil reforms, in Abuja

The Nigerian National Petroleum Corp. (NNPC) said in September it had signed a memorandum of understanding (MOU) with the Russian gas export monopoly on joint venture projects, but gave few details.

NNPC said at the time that the deal covered petroleum and gas exploration, as well as power.

Nigeria has the world’s seventh-largest proven gas reserves, but has been unable to develop its gas industry to anywhere near full potential because of a lack of funds and regulation.

Some industry experts in Europe see Russia’s deals with African OPEC members like Nigeria as an attempt to increase control on Europe’s natural gas supplies. Gazprom already provides a quarter of Europe’s gas.