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| Gazprom seals $2.5bn Nigeria deal | Gazprom seals $2.5bn Nigeria deal |
| (about 18 hours later) | |
| Russia's energy giant Gazprom has signed a $2.5bn (£1.53bn) deal with Nigeria's state operated NNPC, to invest in a new joint venture. | Russia's energy giant Gazprom has signed a $2.5bn (£1.53bn) deal with Nigeria's state operated NNPC, to invest in a new joint venture. |
| The new firm, to be called Nigaz, is set to build refineries, pipelines and gas power stations in Nigeria. | The new firm, to be called Nigaz, is set to build refineries, pipelines and gas power stations in Nigeria. |
| Analysts say the move could further strengthen Russia's role in supplying natural gas to Europe. | Analysts say the move could further strengthen Russia's role in supplying natural gas to Europe. |
| The agreement comes during a four-day African tour by Russian President Dmitry Medvedev. | The agreement comes during a four-day African tour by Russian President Dmitry Medvedev. |
| As well as forming Nigaz, Russia is keen on developing a trans-African pipeline to transport Nigerian gas to Europe. | As well as forming Nigaz, Russia is keen on developing a trans-African pipeline to transport Nigerian gas to Europe. |
| This could further reinforce Gazprom's already-strong influence over Europe's energy supplies. | This could further reinforce Gazprom's already-strong influence over Europe's energy supplies. |
| 'Commodity-rich' | 'Commodity-rich' |
| "Russia has a number of goals [in Africa], one of which would be to take part in a growing competition for resources and markets on the continent - mainly with China," said Yaroslav Lissovolik, head economist with Deutsche Bank in Moscow. | "Russia has a number of goals [in Africa], one of which would be to take part in a growing competition for resources and markets on the continent - mainly with China," said Yaroslav Lissovolik, head economist with Deutsche Bank in Moscow. |
| Sergei Novikov, a spokesman for Rosatom, Russia's state-run civil nuclear energy agency, said the Nigaz deal would lay the foundations for building nuclear power reactors in Nigeria. | Sergei Novikov, a spokesman for Rosatom, Russia's state-run civil nuclear energy agency, said the Nigaz deal would lay the foundations for building nuclear power reactors in Nigeria. |
| Nigeria has previously said it would like to develop a nuclear power plant to address its energy shortages. | Nigeria has previously said it would like to develop a nuclear power plant to address its energy shortages. |
| Before visiting Nigeria, Mr Medvedev spent time in Egypt. | Before visiting Nigeria, Mr Medvedev spent time in Egypt. |
| He is also visiting Namibia and Angola - which are rich in natural resources - during his trip, as he seeks to promote Russian business interests. | He is also visiting Namibia and Angola - which are rich in natural resources - during his trip, as he seeks to promote Russian business interests. |
| "Part of the agenda is to push Russia's credentials as a representative of commodity-rich developing countries with such forums as the G8 and the G20," said Ural Sib bank's chief strategist Chris Weafer in a note to investors. | |
| Chinese deal | Chinese deal |
| Russia is not alone in seeking to secure energy deals overseas with commodity-rich nations. | Russia is not alone in seeking to secure energy deals overseas with commodity-rich nations. |
| Separately on Thursday, Chinese oil refiner Sinopec has made a $7.2bn bid to acquire oil exploration and producing firm Addax, which focuses on Africa and the Middle East. | Separately on Thursday, Chinese oil refiner Sinopec has made a $7.2bn bid to acquire oil exploration and producing firm Addax, which focuses on Africa and the Middle East. |
| If the deal is approved by regulators it would be the biggest foreign takeover by a Chinese firm. | If the deal is approved by regulators it would be the biggest foreign takeover by a Chinese firm. |