Energy News
Ukraine energy company opens Nigeria trade and exploration branch
Nov 17, 2006, 14:31 GMT
Kiev - The Ukrainian energy firm Ukrnafta opened a branch office in Nigeria to explore for and to trade oil, a senior company official said on Friday.
The Nigerian operation will be 100-percent owned by Ukrnafta, and its main goals will be forming joint ventures with Nigerian firms to prospect for oil, and also to trade oil Nigeria already is producing.
'We are very optimistic about this project,' said Ihor Palitsia, Ukrnafta board chairman, at a Kiev press conference.
Once operational the branch office's trading operation could dramatically shift Ukraine's present near-total dependence on Russia for oil supplies. Volumes made available by the Nigeria to Ukrnafta could rise as high as 150 million tonnes of oil a month, Palitsia said.
The office's primary goal would nevertheless be working with Nigeria's government and businesses to develope new oil supplies, he added.
Ukrnafta is one of Ukraine's largest companies, producing 93 per cent of the country's oil and 18 per cent of its natural gas. The firm is controlled by the Ukrainian government, with the commercial Privatbank investment group owning a 42 per cent minority share.
© 2006 dpa - Deutsche Presse-AgenturCOMMENT
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