Saipem close to signing joint venture with Nigerian partner

Italian oil service company Saipem is close to signing a joint venture with a local partner in Nigeria to consolidate its position in the country,

a source familiar with the matter told Reuters on Thursday.

“The group is finalising the creation of a joint venture with a very important Nigerian partner to help it develop business in the country,” the source said.

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, the source added.

CPP, the parent of CPPEC, was officially not available for comment.