Nigeria, Equatorial Guinea Ink Deal for $25 Billion Gas Pipeline Project
(Reuters) — Nigeria and Equatorial Guinea have signed an agreement to establish and operate a gas pipeline, Nigerian presidential spokesperson Ajuri Ngelale said in a statement on Thursday.
Nigerian President Bola Tinubu met with Equato-Guinean President Teodoro Obiang Nguema Mbasogo in the Central African country of Equatorial Guinea during a three-day visit to discuss issues ranging from employment and conflicts to food security among others.
Nigeria and Morocco agreed to build the pipeline in 2016 to promote regional integration and enhance energy security, while offering African gas an export route to Europe.
That project, backed by the Economic Community of West African States (ECOWAS), is expected to cost $25 billion and have a capacity of 30 billion cubic meters per year, to be completed in three phases as it links up to existing infrastructure.
The agreement with Equatorial Guinea covers legislative and regulatory measures for the gas pipeline, establishment and operation, transit of natural gas, ownership of the gas pipeline, and general principles.
Mbasogo hailed the deal as being strategic to Africa's development and the continent's bid to have a permanent seat on the United Nation's security council.
Related News
Related News
- Energy Transfer Subsidiary Selects KTJV for Lake Charles LNG Export Project
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- Malaysia’s Oil Exports to China Surge Amid Broader Import Decline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
Comments