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Gazprom interested in joint LNG trading with Nigeria

September 22, 14:30 UTC+3 MOSCOW

Earlier Nigeria announced plans to join the crude output cut deal

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MOSCOW, September 22. /TASS/. Gazprom is interested in joint trading of liquefied natural gas (LNG) with Nigeria and development of underground gas storage facilities, Russian Energy Minister Alexander Novak said in an interview with Rossiya 24 TV channel after the meeting with the Minister of State, Petroleum Resources of Nigeria Emmanuel Ibe Kachikwu held in Vienna.

"In the framework of bilateral cooperation, we discussed interaction of our company Gazprom, a subsidiary of Gazprom International, implementation of joint projects - interest of Gazprom in joint trading of liquefied natural gas, in joint development of underground gas storage facilities," Novak said.

Nigeria may join the agreement on oil production cut between OPEC and non-OPEC nations, he went on. 

Earlier the country announced plans to join the crude output cut deal if the production stabilizes at the level of 1.8 mln barrels per day.

"Nigeria is ready to reduce production at the level of 1 mln 800 thousand barrels per day and join the agreement once it reaches the target. I think (Nigeria’s oil - TASS) minister will make it public himself," he said.

The so-called OPEC+ agreement spares Nigeria from the need to reduce its crude production.

The fifth meeting of the OPEC+ ministerial monitoring committee on Friday will see ministers of OPEC and non-OPEC nations summing up the results of delivery of the agreement on oil production cap for August and eight months. They will also discuss the issue of oil production growth in Libya and Nigeria, which are both outside of the agreement.

In late 2016, OPEC member-states and 11 independent oil-exporting countries entered into an agreement to reduce oil production. According to that agreement, during the first half of 2017 the participants were to withdraw 1.8 million barrels per day from the oil market in comparison with the level of October 2016.

In May 2017, at the meeting in Vienna, the countries extended the agreement until April 2018, maintaining the previous quotas for all participants. The purpose of the agreement is to reduce global oil reserves to the average level of the last five years.

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