Deal: Russia and Nigeria
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Russia and Nigeria in $2.5bn deal
Russia's Gazprom and Nigeria's state-run oil company NNPC agreed today to create a new joint venture to develop Africa's largest oil and gas sector with an initial investment of at least $2.5 billion.
"The joint venture was created on the parity basis that is 50/50 with Nigerians," Boris Ivanov, head of Gazprom International told reporters in Nigeria's capital Abuja.
The joint venture will focus on gas extraction, building refinery facilities, pipelines and gas power stations, a Reuters report said.