Oil-rich Nigeria has agreed in principle to lease two proven oil fields to Indian Oil Corporation (IOC) in exchange for setting up a 6-million tonnes per annum (mtpa) grassroots refinery project in Edo state. The project has been under discussion since 2004.
IOC’s investment in the West African country may go up substantially with Nigeria considering the offer of an additional oil field to the Indian oil major if it invested in an LNG project. This was discussed at a meeting between petroleum minister Murli Deora and Nigerian oil minister Edmund Daukoru on Tuesday.
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