Nigeria and Equatorial Guinea sign gas pipeline project
By Felix Onuah
ABUJA, Aug 15 (Reuters) -Nigeria and Equatorial Guinea have signed an agreement to establish and operate a gas pipeline, Nigerian presidential spokesperson Ajuri Ngelale said in a statement on Thursday.
Nigerian President Bola Tinubu met with Equato-Guinean President Teodoro Obiang Nguema Mbasogo in the Central African country of Equatorial Guinea during a three-day visit to discuss issues ranging from employment and conflicts to food security among others.
Nigeria and Morocco agreed to build the pipeline in 2016 to promote regional integration and enhance energy security, while offering African gas an export route to Europe.
That project, backed by the Economic Community of West African States (ECOWAS), is expected to cost $25 billion and have a capacity of 30 billion cubic meters per year, to be completed in three phases as it links up to existing infrastructure.
The agreement with Equatorial Guinea covers legislative and regulatory measures for the gas pipeline, establishment and operation, transit of natural gas, ownership of the gas pipeline, and general principles.
Mbasogo hailed the deal as being strategic to Africa's development and the continent's bid to have a permanent seat on the United Nation's security council.
Writing by Ope Adetayo
Editing by Chijioke Ohuocha and Josie Kao
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
