The MoU was signed by Nigeria’s Minister of Petroleum Resources, Dr Rilwanu Lukman, Algerian Minister of Mines and Energy, Dr Chakib Khelil and Malam Mohammed Abdoulahi, Niger’s Minister of Mines and Energy.
The 4000 km –long pipeline will transport gas from Nigeria’s Niger Delta via Niger Republic and Algeria to Europe. The project is the biggest in Africa, said Khelil.
With the signing of the agreement, the attention will now shift to sourcing of funds to finance the project by the three countries as well as beginning of the definitional phase of the project, Khelil said.
He noted that with the potentials of the project, the financing will not be a problem. “We have the experience, we have the expertise and the financing will not be a problem. Since the market for the gas is there, not only the market but also the project is a supply security for Europe therefore, certainly we won’t have problems”.
Speaking also, Nigeria’s Minister of Petroleum Resources, Dr Rilwanu Lukman, said the implementation of the trans-saharan project will facilitate the development of the economies of the transit countries of Nigeria, Niger and Algeria.
According to Lukman, the cost of the project after review has now fallen to about $10 billion as against the $13 billon earlier estimated.
Both the ministers have guaranteed the security of the projects in their respective countries saying that adequate security measures will be put in place to secure the pipelines.