UPI: Nigeria and Iran have agreed to establish a multi-billion-dollar joint-venture oil company, several Nigerian oil industry officials said. United Press International
LAGOS, Nigeria, Jan. 5 (UPI) — Nigeria and Iran have agreed to establish a multi-billion-dollar joint-venture oil company, several Nigerian oil industry officials said.
The unnamed venture would design, construct and install offshore oil platforms, the (Lagos) Vanguard reported.
“We seek to expand the operating environment,” Nigerian state petroleum Minister Edmund Daukoru said. “You know it is very narrow and we just cannot leave it like that.”
The deal, whose specific value was not made public, followed months of negotiations, the newspaper said.
Both countries are members of the Organization of Petroleum Exporting Countries. OPEC generally encourages cooperation among its membership, the newspaper said.
