By Modupe Gbadeyanka
Indonesia has indicated interest to purchase more crude oil from Nigeria, signifying the prospects of soaring Nigeria’s market share in Asian emerging economies which include China and India, having lost grounds in crude oil sales in the United State of America due to advances in shale oil exploration in recent years.
A moment ago, the Indonesian Ambassador to Nigeria, Mr Harry Purwanto, paid a courtesy visit to the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, in Abuja, where he explained that his country’s President, Mr Joko Widodo, had instructed the Indonesia National Oil Company, Pertamina, to direct its attention to Nigeria in its quest to meet the South East Asia emerging economy’s surging energy needs.
Although Indonesia produces 900,000 barrels of crude oil per day, its supplements its 1.4million barrels per day consumption with supplies from Nigeria, 18 percent and Saudi Arabia, 28 percent.
Speaking during the visit of the ambassador to his office, Dr Baru, who welcomed the development, said NNPC was interested in working with Indonesia on its initiative to replace firewood and kerosene with Liquefied Petroleum Gas (LPG) as primary domestic fuel for cooking.
Dr Baru said the corporation was aware of the huge success of the kerosene substitution programme in Indonesia and would like a collaboration to help Nigeria achieve a similar feat.
The GMD said NNPC would also like to partner with Indonesia in the area of bio-fuels production to diversify the nation’s energy mix and meet its energy needs.
He challenged Indonesia to consider participating in the forthcoming bid round in order to realize its aspiration of maintaining a presence in the Nigerian oil and gas sector.
The Indonesia Ambassador disclosed that his country looked forward to lifting crude oil directly from Nigeria, rather than through a third-party as is currently the case.
He extended an invitation to the corporation to grace the Indonesia-Nigeria Business Forum holding in Lagos, adding that a Memorandum of Understanding (MoU) on possible areas of co-operation between the two countries was in the works.
more recommended stories
Stanbic IBTC Lists Strategies for Firms to Survive
Stanbic IBTC Holdings PLC, a member.
FBN Insurance Sold for Greater Value to Shareholders—FBN Holdings
By Dipo Olowookere **Says Sale Won’t.
2020 Budget: FG Too Hasty Slashing Oil Benchmark to $25—Udemezue
By Dipo Olowookere An economic expert,.
Reps Demand Immediate Scrapping of Excess Crude Account
By Modupe Gbadeyanka The House of.
Stock Exchange Gains N48bn on Sustained Bargain Hunting
By Dipo Olowookere There was a.
Naira Depreciates to N445/$1 at Black Market
By Adedapo Adesanya The Naira couldn’t.
Oil Rises Over 3% as OPEC+ May Extend Supply Shortage
By Adedapo Adesanya Oil prices rose.
Senate Raises Oil Benchmark to $28 Per Barrel for 2020 Budget
By Adedapo Adesanya The Senate has.