Russia’s Lukoil signs MoUs with govt of Equatorial Guinea and NNPC

The renowned Russian oil company Lukoil has recently signed a Memorandum of Understanding at the Russia-Africa Summit and Economic Forum with the government of Equatorial Guinea. The objective is to establish a framework for joint-cooperation in oil and gas exploration.

The MoU was signed between President of Lukoil Vagit Alekperov and Equatorial Guinea's Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang Lima. The agreement lays the foundation for LUKOIL to participate in exploration and production activities in the country, as well as to apply its technical and commercial expertise in Equatorial Guinea through the in-depth evaluation of a large number of existing assets.

Technical teams from both parties are expected to commence activities before the end of the year.

On the other hand, the Russian oil company Lukoil has also Nigerian National Petroleum Corporation at the same Russia-Africa Summit to expand its operation in oil production, trading and refining.

The head of Nigerian National Petroleum Corporation, Mele Kyari signed the MoU during a visit to the Russian city of Sochi during a Russia-Africa Summit.