March 20, 2019 / 11:02 AM / a month ago

Nigeria aims to cut joint venture oil stake to 40 pct this year -budget minister

ABUJA, March 20 (Reuters) - Nigeria plans to cut its stake in joint venture oil assets with multinational oil companies to 40 percent this year, its budget minister said in a statement.

The government has considered reducing its majority stakes in these joint ventures for more than a decade. Oil companies including Royal Dutch Shell, Chevron and ExxonMobil, operate in Nigeria through joint ventures with the state-owned NNPC. (Reporting by Camillus Eboh; Writing by Chijioke Ohuocha and Emelia Sithole-Matarise)

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