Italian oil major Saipem is reportedly close to signing a joint venture (JV) with a local partner in Nigeria to consolidate its position in the country.
“The group is finalising the creation of a joint venture with a very important Nigerian partner to help it develop business in the country,”. Reuters reported yesterday (Thursday) quoting un-named source.
The deal follows a joint venture signed last week with China Petroleum Pipeline Engineering Corporation (CPPEC), a unit of PetroChina, which will give the Italian company access to China’s attractive oil and gas markets.
CPP, the parent of CPPEC, was officially not available for comment. (Reporting by Stephen Jewkes and Giancarlo Navach; editing by Francesca Landini)