American oil firm, Baker Hughes, has shown interest in investing in refineries in Nigeria, aligning with the federal government’s efforts to eliminate the importation of petroleum products.

Nigeria, a major crude oil producer, currently imports all its petroleum products, contributing to pressure on its currency in the foreign exchange market.

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During a meeting with the Minister for State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, at the 28th United Nations Climate Change Conference (COP28), Lorenzo Simonelli, Chairman, President/CEO of Baker Hughes, expressed a keen interest in sustaining and enhancing their investment in Nigeria’s oil and gas industry.

Simonelli also highlighted the company’s readiness to collaborate with the Federal Government in advancing sustainable energy practices in line with the goals of COP28.

In response, Senator Lokpobiri praised Baker Hughes for its longstanding partnership with Nigeria in the energy sector.

He acknowledged the company’s valuable contributions and expressed optimism about strengthening collaboration through increased investment in the nation’s oil and gas industry.

Senator Lokpobiri assured the Baker Hughes delegation of the federal government’s commitment to creating a conducive environment for investments in the refinery sector.

He affirmed that adequate measures would be implemented to facilitate the smooth realization of Baker Hughes’ investment plans, aligning with the overall vision of the Renewed Hope administration.