Russia's energy giant Gazprom has signed a $2.5bn (£1.53bn) deal with Nigeria's state operated NNPC, to invest in a new joint venture. The new firm, to be called Nigaz, is set to build refineries, pipelines and gas power stations in Nigeria. *** As well as forming Nigaz, Russia is keen on developing a trans-African pipeline to transport Nigerian gas to Europe. *** Sergei Novikov, a spokesman for Rosatom, Russia's state-run civil nuclear energy agency, said the Nigaz deal would lay the foundations for building nuclear power reactors in Nigeria.
The deal was worked out with Gazprom and the son of a deceased oil minister from Nigeria. After Gazprom's money is wire deposited into the Western Union office in Lagos, development will begin.
This will be a nice addition to my portfolio. I cant wait for the Honeywell & Keycorp merger - then my portfolio will be nice and diverse.