Nigeria, Equatorial Guinea Ink Deal for $25 Billion Gas Pipeline Project
(Reuters) — Nigeria and Equatorial Guinea have signed an agreement to establish and operate a gas pipeline, Nigerian presidential spokesperson Ajuri Ngelale said in a statement on Thursday.
Nigerian President Bola Tinubu met with Equato-Guinean President Teodoro Obiang Nguema Mbasogo in the Central African country of Equatorial Guinea during a three-day visit to discuss issues ranging from employment and conflicts to food security among others.
Nigeria and Morocco agreed to build the pipeline in 2016 to promote regional integration and enhance energy security, while offering African gas an export route to Europe.
That project, backed by the Economic Community of West African States (ECOWAS), is expected to cost $25 billion and have a capacity of 30 billion cubic meters per year, to be completed in three phases as it links up to existing infrastructure.
The agreement with Equatorial Guinea covers legislative and regulatory measures for the gas pipeline, establishment and operation, transit of natural gas, ownership of the gas pipeline, and general principles.
Mbasogo hailed the deal as being strategic to Africa's development and the continent's bid to have a permanent seat on the United Nation's security council.
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