• Government seeks both technical expertise and financial structuring
• Project spans 6,800 km, aims to deliver 30 bcm of gas annually to Europe
• Global fuel trading giant Vitol plays a vital role in African hydrocarbon exports, thanks to its trading expertise, logistical network, and relationships with multinational oil firms.
•This expertise is now being sought by Nigeria to help realize the Atlantic Africa Gas Pipeline (AAGP) project, valued at $25 billion.
By Agency Report
Nigeria’s Vice President, Kashim Shettima, who is promoting the initiative alongside Morocco, considers Vitol’s financial and technical support essential. Reports from the Nigerian press on Tuesday, June 3, indicated Shettima has been in discussion with leaders from Switzerland-based petroleum products and gas trading company, Vitol.
Pointing out measures implemented to promote natural gas monetization, such as the Nigeria LNG initiatives, Shettima called upon top figures at Vitol to commit to the AAGP project, aimed at fueling Europe’s energy supply among other objectives.
“I sincerely invite you to join us in making this project a success,” Shettima stated. He then added, “We need your expertise more than your money,” urging the company to utilize its global influence and resources. The Nigerian government wishes to leverage Vitol’s logistical expertise and international network to devise a financial and technical structure robust enough to drive the AAGP project.
Vitol appears open to considering the proposition. “Nigeria has been a close and crucial partner for Vitol,” stated Jeffrey Dellapina, the group’s Chief Financial Officer, expressing a desire to “continue growing alongside it.”
If realized, the involvement of companies such as Vitol could enhance the credibility of the project and pave the way for a broader commitment from other investors. Furthermore, technical studies are already well underway, with support from the Islamic Development Bank and the prioritization of the AAGP in the energy agendas of the African Union and European Union.
The United States has also expressed interest in the pipeline that aims to transport 30 billion cubic meters of gas annually to Europe, spanning 6,800 km and supplying 13 states along its route.
