The Federal Government is set to sign what it calls a cash-raising oil deal with India for fifteen billion dollars by the end of this year.
According to a report by the ministry, minister of State for Petroleum, Dr IBE KACHIKWU has successfully negotiated a fifteen billion dollar investment with India with terms shortly to be agreed.
As part of the deal, the Indian government would make an upfront payment to Nigeria for crude purchases.
Dr KACHIKWU who is currently in India has concluded talks on the investments in Nigeria’s oil and gas sector, in a bilateral meeting with his counterpart DHARMENDRA PRADHAN.
Both ministers in a joint statement noted the existing and significant engagement between the two countries in the hydrocarbon sector.