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NNPC partners with Turkey to extend trade relations beyond crude oil, as global oil prices fall
THE Nigerian National Petroleum Corporation, NNPC seeks to extend Nigeria’s trade relations with Turkey beyond crude oil in a bid to improve increased economic broadband between both countries.
The Group Managing Director, GMD, of the NNPC, Malam Mele Kyari, made this disclosure on Thursday when the Ambassador of Turkey to Nigeria, Melih Uluren, paid him a courtesy visit in Abuja.
“We are looking forward to greater cooperation between NNPC and Turkish Petroleum such that we find a business in other areas like infrastructure development that both countries will be interested in promoting to the benefit of both countries,” he said.
In 2017, the trade volume between both countries was estimated at $490 million according to data from Trading Economics, a United Nations database on international trade.
Turkey boasts of about 270 million barrels of proven oil reserves and 218 billion cubic feet of natural gas reserves, but its production ranges from between 70,000 to 100,000 barrels per day and imports over 90 per cent of its oil and natural gas needs.
Proven reserves are those reserves claimed to have a reasonable certainty of oil and gas deposits expected to be recoverable under existing economic and political conditions, and existing technology.
Melih congratulated Kyari on his appointment as NNPC GMD, stressing that his choice for the position was well thought out as his reputation as an astute leader was well known in the diplomatic community.
In another development, the international oil benchmark, Brent crude, dropped for the second time in six days on Friday after the United States’ Federal Reserves reduced increasing interest rates in an attempt to stabilise the US economic market.
Brent crude, against which Nigeria’s oil is priced, fell by $3.93 to $61.12 as of 8:30 pm Nigerian time, while the US West Texas Intermediate crude dipped by $4.17 to $54.41 per barrel.
Though, the declaration of force majeure at Libya’s main oilfield may provide a boon to Nigerian crude, sales which have suffered following a glut of U.S. and North Sea grades.