The CEO/GMD of NNPC Ltd, Mallam Mele Kyari has described Spain as a strategically important oil and gas market for Nigeria as 26 percent of all Liquefied Natural Gas and crude oil produced in Nigeria end up in the European country.
Kyari disclosed this while addressing Nigerian and Spanish business leaders on investment opportunities in the Nigerian Oil and Gas Industry, in Madrid, Spain, on the sidelines of President Muhammadu Buhari’s state visit to Spain, Wednesday.
A statement by NNPC Ltd in Abuja said Kyari reiterated his commitment to sustain the strategic energy partnership between Nigeria and Spain.
He said: “26 percent of all LNG produced in Nigeria ends up in Spain. 14 percent of all crude oil produced in Nigeria ends up in this country. Clearly for us as a business, it is an important market for my company.”
He explained that the world would need energy for today and for the future in industries such as power, IT, automobile, and others.
“We know that energy transition is real. We know that net-zero by 2050-2060 is real. But it doesn’t mean zero hydrocarbons in 2050-2060. It means that you are going to have a cleaner use of hydrocarbons,” Kyari added.
He noted that investors must see where their money can come out from and when they invest, “they must see that they can recover their cost and make some margin from it”.
While noting that in line with global acceptance of gas as a transition fuel, Nigeria has since declared 2021-2030 as the decade of gas.
“In our country today, we have legislation that has clearly created a commercial National Oil Company which will be unveiled by our President in the coming days. Together with the Spanish business community, I am confident we can build this industry”.
Earlier President Buhari had met with the Spanish President, Pedro Sanchez, King of Spain, His Majesty, King Filipe VI, and gave a speech at the headquarters of the World Tourism Organization, WTO, in Madrid.
During the visit, President Buhari said Nigeria looked forward to increasing bilateral relations with Spain, even as he signed bilateral agreements and Memorandum of Understanding (MoUs) with the Spanish leader, covering areas of prisoner transfer, sports, culture, and the economy.