Energy powerhouses UAE and Nigeria have signalled their intentions to collaborate in developing the west African country’s liquefied natural gas sector, among other areas.
A memorandum of understanding, reportedly worth $700m, was signed this week at the World Future Energy Summit in Abu Dhabi.
The agreement was signed by Nigeria’s Ibom LNG & Logistics Base and UAE-based Securo Investment Group, which could support the development of a 100 mscfd LNG facility in Akwa Ibom State.
The UAE foresees significant strategic advantages by securing future gas supplies, expanding its role in global energy markets (especially LNG and hydrogen), boosting investment opportunities in Nigeria’s diverse sectors and enhancing its geopolitical influence in Africa as a major trade hub.
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