The Federal Ministry of Petroleum Resources announced that Nigeria and Saudi Arabia have signed a Memorandum of Understanding to promote collaboration, information exchange and technology transfer in the oil sector.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, says the key purpose of the MoU is to promote collaboration, information exchange and technology transfer, thereby creating a conducive environment for a mutually beneficial partnership.
The Minister further stated that the MoU would attract substantial Foreign Direct Investment into Nigeria’s oil and gas sector.