Nigerian Oil Minister Emmanuel Kachikwu and the president of Saudi Aramco have discussed investment options in the mid and downstream sector, Nigeria’s petroleum ministry said on Wednesday in a tweet.
Aramco is expanding downstream operations such as refining and petrochemicals production as part of its drive to become the world’s largest integrated energy firm. Nigeria imports the bulk of its petrol, despite being Africa’s biggest crude oil producer, due to its dilapidated refineries.
Last month, Nigeria’s state oil company said it was in talks with different consortiums to revamp its refineries and save billions of dollars on fuel imports. Kachikwu is on an official visit to Saudi Arabia.