08, August, 2022 the price of Brent, the world’s standard for petroleum, decreased by 5.01%, or $4.65, to close at $88.18/barrel. Sylva claimed that security concerns brought on by the conflict in Ukraine were now delaying deliveries of new gas.
Therefore, the minister announced that Nigeria would construct a pipeline to transport its gas to Europe via Algeria.
More liquefied natural gas (LNG) can be ship from Nigeria to Europe. In order to help Europe identify substitutes for its diminishing supply of Russian gas.
He said Nigeria would soon take the final decision over the investment to build the infrastructure, adding that the project was likely to cost more than $10bn.