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CEO/GMD NNPC Ltd, Mallam Mele Kyari reiterated his commitment to maintaining the strategic energy partnership between Nigeria and Spain.

Group Managing Director, Group Public Affairs Division, NNPC Ltd, Garba Deen Muhammad quoted Kyari as saying as he addressed Nigerian and Spanish business leaders on investment opportunities in the industry Nigerian oil and gas company, in Madrid, Spain, on the sidelines of President Muhammadu. Buhari’s state visit to Spain on Wednesday.

President Buhari earlier met with Spanish President, Pedro Sanchez, King of Spain, His Majesty King Filipe VI, and delivered a speech at the headquarters of the World Tourism Organization, UNWTO, in Madrid.

During the visit, President Buhari said that Nigeria was eager to strengthen its bilateral relations with Spain, even though it had signed bilateral agreements and a memorandum of understanding with the Spanish leader, covering areas of transfer of prisoners, sports and culture and economy.

Describing the partnership between Nigeria and Spain as an important partnership for NNPC, GMD/PDG said, “26% of all LNG produced in Nigeria ends up in Spain. 14% of all crude oil produced in Nigeria ends up in this country. It is clear that for us as a company, this is an important market for my company. »

Mallam Kyari explained that the world would need energy for today and for the future in sectors such as power, IT, automotive, etc.

“We know that the energy transition is real. We know net zero by 2050-2060 is real. But that does not mean zero hydrocarbons in 2050-2060. That means you’re going to have a cleaner use of hydrocarbons,” Kyari added.

He said investors need to see where their money can come from and when they invest they need to see that they can recoup their cost and earn some margin.

While noting that in line with the global acceptance of gas as a transition fuel, Nigeria has since declared 2021-2030 as the Decade of Gas.

“In our country today, we have legislation that clearly created a commercial national oil company which will be unveiled by our president in the coming days. Together with the Spanish business community, I am convinced that we can build this industry,” concluded Kyari.