AFP - Russian gas giant Gazprom is optimistic that talks with the Nigerian authorities will result in a deal worth more than seven billion dollars, a Gazprom executive said Wednesday in Abuja.

"We came as the last major company. We lost 15 years of expansion in Africa, now we are ready to catch up", Ivanov said during a speech to present Gazprom's activities around the world.

Gazprom wants a stake in Nigeria's vast gas deposits and is ready to invest in energy infrastructure to get that access, oil industry officials have said.

As Africa's largest producer of crude oil, Nigeria is trying to boost its woefully inadequate domestic energy supply. It also wants to harness the gas it currently flares while its domestic market goes short.

RLCC: The gas flaring that has been going on for decades has been extremely stupid. The American and European companies in Nigeria should have taken care of it back in the early 1970's at the latest. It has been a major health hazard and energy waste at best.

Originally from Yahoo! News: World - Africa on February 20, 2008, 1:37pm

Tom Usher

About Tom Usher

Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.