Nigeria supplies 20% of Spain's crude oil, gas

Nigeria supplies 20 per cent of Spain's crude oil and gas needs, according to the Ambassador of Spain to Nigeria, Angel Losada.

"Of course, in Spain 20 per cent of gas consumption comes from Nigeria," Mr. Losada said in Abuja at the News Agency of Nigeria Forum. "We buy from you, from three to four billion Euro every year, mainly gas and oil; the problem is that we only sell 200 million Euro and then there is no balance in trade."

The envoy said Spain was Nigeria's second most important trade partner, noting that the maiden visit of Prime Minister Jose Zapatero to Nigeria in June 2009 had boosted bilateral relations.

He said Spain was implementing part of an agreement contained in a Memorandum of Understanding, which was signed by the late President Umaru Yar'Adua and the Spanish prime minister. The memorandum spans culture, politics and the economy, including renewable energy, oil and gas.

Source: http://234next.com