Baker Hughes To Invest In Nigerian Refineries As Oil Minister Says Country Ready For Oil, Gas Investments

In other to sustain the country’s drive for increased oil and gas production as well as domestic refining of petroleum, the Minister for State Petroleum Resources (Oil), Sen. Heineken Lokpobiri PhD has engaged in a pivotal meeting on the sidelines of the 28th United Nations Climate Change Conference (COP28) with Mr. Lorenzo Simonelli, Chairman, President/CEO of Baker Hughes.
The meeting marked a significant milestone as Baker Hughes, a global oil and gas giant, expressed keen interest in sustaining and enhancing their investment in Nigeria’s oil and gas industry, including the readiness to invest in refineries.

Simonelli conveyed Baker Hughes’ commitment to contributing to the energy transformation agenda of the Renewed Hope administration led by His Excellency, President Bola Ahmed Tinubu. The CEO emphasized the company’s readiness to collaborate with the Federal Government in advancing sustainable energy practices, aligning with the goals of COP28.

“Nigeria is a blessed nation with vast potentials and great opportunities in diverse sectors. As a partner with the Federal Government over the years, we are inspired to direct investment in the refinery domain of the oil and gas. Therefore, whatever that we can do to support to get started, I am willing to do that even now”,
Simonelli said.

Simonelli reiterated Baker Hughes’ commitment to supporting Nigeria’s efforts in achieving energy sustainability. He acknowledged the pivotal role the country plays in the global energy landscape and emphasized the importance of public-private partnerships in driving meaningful progress.

In response to Baker Hughes’ proactive stance, Minister Heineken Lokpobiri commended the global giant for its longstanding partnership with Nigeria in the energy sector. The Minister highlighted the company’s valuable contributions over the years and expressed optimism about deepening the collaboration through increased investment in the nation’s oil and gas industry.

Sen. Heineken Lokpobiri assured the Baker Hughes delegation of the Nigerian Government’s commitment to creating an enabling environment for investments in the refinery sector. The Minister affirmed that adequate measures would be put in place to facilitate the seamless actualization of Baker Hughes’ investment plans, aligning with the overall vision of the Renewed Hope administration.

The Minister said, “I am very happy that you have joined other companies in identifying the great opportunities and Government’s favourable policies in our oil and gas sector and with the advent of the PIA, we now have a workable framework that guarantees conducive environment for investment”.

The meeting between Sen. Heineken Lokpobiri and Lorenzo Simonelli sets the stage for a promising collaboration that not only strengthens the ties between Nigeria and Baker Hughes but also contributes to the realization of sustainable energy goals on a global scale.

Nneamaka Okafor
Special Adviser to the Hon. Minister,
Media and Communication

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