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Gazprom in Nigerian joint venture plan

01 October 2008

Gazprom and Nigerian National Petroleum have signed a memorandum of understanding, which envisages
implementation of joint projects in the fields of exploration, mining, transportation of hydrocarbons, projection system.

The planned Russian-Nigerian joint venture will work on the collection and processing of associated gas, the construction of electric power in Nigeria.

After signing the document, sides noted the constructive nature of bilateral cooperation and expressed hope for a successful development partnership in the energy sector between Gazprom and the Nigerian state owned corporation.

Nigeria is one of the largest producers of hydrocarbons in Africa. Proved oil reserves of the country account for more than 9 billion tons and in 2007, the level of oil production reached 130 million tons a year. Proven
natural gas reserves amount to 5.2 trillion.

Nigeria burns 40% extracted gas at a rate of 24.1 billion cubic metres per year. The Nigerian government plans to introduce a system of fines for burning gas with a full cessation of burning gas in 2009.

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