Nigeria, South Africa Sign MOU to Bolster Economic Ties In Oil and Gas Sector

Nigeria, South Africa Sign MOU to Bolster Economic Ties In Oil and Gas Sector

As part of concerted efforts to further transform the Nigerian Petroleum Sector, the Federal Government and the Republic of South Africa has signed a Memorandum of Understanding, MOU, in the oil and gas sector to reinforce and strengthen the existing win-win symbiotic relationship between the two largest economies in Africa.
NNPC
Speaking on the sidelines of the Nigeria and South Africa Business Forum in Cape Town, South Africa, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke said that the MOU and the historic visit was aimed at boosting the volume of oil and gas trade between the two countries.
Mrs. Alison-Madueke stated that the interface between the two nations would further develop and deepen the bilateral relations between the two nations to develop synergies that would undoubtedly impact positively on the two nations and the continent of Africa at large.
“The historic visit to South Africa has afforded the Nigerian Government the opportunity to sign nine memoranda of understanding in different areas of the economy. Specifically, the MOU on Oil and Gas Sector was to basically help in the transfer of knowledge, skills, capacities and technology. This will ultimately help in transferring South African footprint into the Nigerian hydrocarbon industry,” Mrs. Alison-Madueke stated.
The Minister noted that the engagement with South Africa would also help Nigeria to learn the model of its National Oil Company which has done so well over the years in order to replicate similar model to the way the Nigerian National Petroleum Corporation, NNPC was being managed.
On the draft Petroleum Industry Bill, PIB, before the National Assembly, the Minister said the provisions in the bill when passed into law would help to open up the spectrum for investors from all over the globe.
“There are a number of incentives packaged in the Petroleum Industry Bill and by the time the fiscal regime is worked out by the National Assembly along with every other stakeholder in the oil and gas industry, I am sure Nigeria will become the choice destination for investors in the petroleum industry,’’ Mrs. Alison Madueke said.
According to her, the Gas master plan in the PIB is well delineated to provide tax holidays and other incentives which are geared towards attracting investors to the Nigerian Oil and Gas sector.
Source: NNPC
ISSUERS OF NEWS RELEASES AND NOT OILANDGASPRESS.COM ARE SOLELY RESPONSIBLE FOR THE ACCURACY OF THE CONTENT.
Public relations, press release distribution service, investor relations, SEC filing, regulatory news,upstream, downstream,corporate announcements,technology developments and political news
www.oilandgaspress.com – The ‘one stop shop’ for global Oil and gas press releases!!!
Email: info@oilandgaspress.com to let us know about your events and we’ll list them free of charge
Email: info@oilandgaspress.com to Advertise your company’s services and reach thousands of oil and gas industry executives and professionals
Oil and Gas Press

#FOLLOW US ON INSTAGRAM