Financial Times FT.com

Russia promises fairer reward for African riches

By Matthew Green in Abuja

Published: January 5 2008 02:00 | Last updated: January 5 2008 02:00

Gazprom's move to capture a share of Nigeria's vast gas reserves is one of the boldest forays in the global fight for African energy assets.

Representatives from Nigeria's government and the Russian state-owned group say they are discussing a proposal under which the company would offer a package of energy investments. In return, Gazprom would gain a production foothold in some of the biggest gas deposits in the world and a presence in an export market increasingly important to the US and Europe.

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