Nigaz

[Babbler]

Gazprom seals $2.5bn Nigeria deal

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.

Analysts say the move could further strengthen Russia's role in supplying natural gas to Europe.

The agreement comes during a four-day African tour by Russian President Dmitry Medvedev.

As well as forming Nigaz, Russia is keen on developing a trans-African pipeline to transport Nigerian gas to Europe.

This could further reinforce Gazprom's already-strong influence over Europe's energy supplies.

'Commodity-rich'

"Russia has a number of goals [in Africa], one of which would be to take part in a growing competition for resources and markets on the continent - mainly with China," said Yaroslav Lissovolik, head economist with Deutsche Bank in Moscow.

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.

Nigeria has previously said it would like to develop a nuclear power plant to address its energy shortages.

Before visiting Nigeria, Mr Medvedev spent time in Egypt.

He is also visiting Namibia and Angola - which are rich in natural resources - during his trip, as he seeks to promote Russian business interests.

"Part of the agenda is to push Russia's credentials as a representative of commodity-rich developing countries with such forums as the G8 and the G20," said Ural Sib bank's chief strategist Chris Weafer in a note to investors.

Chinese deal

Russia is not alone in seeking to secure energy deals overseas with commodity-rich nations.

Separately on Thursday, Chinese oil refiner Sinopec has made a $7.2bn bid to acquire oil exploration and producing firm Addax, which focuses on Africa and the Middle East.

If the deal is approved by regulators it would be the biggest foreign takeover by a Chinese firm.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/business/8118721.stm

Published: 2009/06/25 14:27:53 GMT

© BBC MMIX

Interesting ...

 

[warpus]

Oil companies always have such exciting names.

 

[JollyRoger]

I've just received an email cutting me in on this deal if I help some guy getthe funds out of Nigeria. All I have to do is put down a $5,000 application processing fee and provide my bank account information so I can receive royalty deposits.

 

[kulade]

Nigaz gotta get that paper.

 

[aelf]

So now Gazprom and its Nigaz can chill out together. Yay!

 

[Leonel]

Yes we know you find the name hilarious and similar to another n-word that is culturally too profane to utter.

 

[mrt144]

Yes we know you find the name hilarious and similar to another n-word that is culturally too profane to utter.

Even the most conservative Washingtonian is PC.

 

[amadeus]

They also signed a deal with a dog food and farm implements distributor... they're going to call it Βitches and Hoes.

 

[Death_Machine]

Funny how other nations are looking to not only be energy independent, but turn turn a profit. Too bad the USA is held hostage by the green movement & we can't even drill new sites domestically.

 

[JollyRoger]

Are you kidding Death Machine? I am making more than a few pennies advising on Barnett Shale deals. Drill baby drill.

 

[Death_Machine]

^ You sir have found the exception to the rule. Why are we not using this technique to drill in Alaska?

 

[JollyRoger]

Their Governor pitches like a girl.

 

[Death_Machine]

Their Governor pitches like a girl.

Maybe, but I bet she does some other stuff like a woman!

 

[JollyRoger]

Drill baby drill.

 

[Theige]

What an unfortunate name for a company

 

[Mad Man]

I had something to say but I won't go there

 

[QuoVadisNation]

I'm sure the logo won't be nearly as offensive...


:cue six months from now when the logo is in fact King Zulu wearing black face:

 

[Mad Man]

I'm sure the logo won't be nearly as offensive...


:cue six months from now when the logo is in fact King Zulu wearing black face:

No it will be time traveling 2Pac shooting Notorious

 

[kulade]

What an unfortunate name for a company

y u hatin on nigaz?

 

[GoodGame]

They also signed a deal with a dog food and farm implements distributor... they're going to call it Βitches and Hoes.

/rimshot


I take it that Nigeria is >>>> stabler than Zimbabwe for this deal to occur.

I've just received an email cutting me in on this deal if I help some guy getthe funds out of Nigeria. All I have to do is put down a $5,000 application processing fee and provide my bank account information so I can receive royalty deposits.

So there are fringe benefits to subscribing to pr0n sites!!