POISED to boost the trade relationship with various countries of the world and exploit the potentials in the nation's oil and gas sector, the Federal Government is seeking investment from foreigners in the nation's oil and gas industry.

Vice-President Goodluck Jonathan, who made this pronouncement while receiving the President of Baltic Holdings Corporation, Ukraine, Yury Likhodid Iurii at the Presidential Villa recently, said the Federal Government had put in place a mechanism to deregulate the nation's petroleum and gas sector in other to encourage foreign investors into the capital-intensive industry.

The Vice President noted that government was developing a petroleum and gas master plan which would encourage public-private partnership and position Nigeria as one of the biggest economies by year 2020, otherwise known as Vision 20-20-20.

He, however, affirmed government's determination to develop the power sector by moving away from hydro to gas-technology, which he said is more reliable and in abundance in Nigeria.

Jonathan also noted that government is concerned with the issue of providing potable water to the citizenry and combating ecological problems, which he said has threatened agricultural development in parts of the country.

He stated that the Federal Government is making effort to purify polluted or dirty surface water, as well as, underground water for domestic and agricultural purposes.

He therefore, expressed government's determination to encourage investors in the areas of waste management, fertilizer production and to extinguish gas flares, noting that in other parts of the world, what is considered as waste materials are used for power generation.

He assured the Ukrainian company, of Federal Government's assistance to enable the company invest in the country with its advanced technology and articulated government's determination to partner with Ukraine towards the development of the Nigerian economy.

President of Baltic Holdings Corporation, Mr. Yury Likhodid, had earlier said Ukraine and the Russian Federation were eager to invest and contribute to the industrial and economic development of Nigeria.

He outlined the company's area of interest to include oil and gas, bitumen exploration and processing. Others are manufacturing of fertilisers, ecologically safe air conditioning system, the technology to retrieve water from the air and installation of water treatment facilities.

According to press statement then signed by the Senior Special Assistant (Media and Publicity) to the Vice President, Mfon Udott, Likhodid stated that the company has proposed to develop joint activities with the Nigerian National Petroleum Corporation (NNPC) under NIGAS Petrochemicals Holdings, to assist the NNPC and other Nigerian owned oil companies to acquire skills and technological know-how that would allow the corporation become independent in oil and gas development in the country.

Meanwhile the Ukrainian firm had in August, 2009 expressed its readiness to invest about $850 million in the agricultural sector. This was made known when a delegation from Baltic Holding Corporation, Ukraine, led by its Vice-President, Business Development, Africa, Aniefiok Ayaya, a Nigerian/Ukrainian, visited the Nigeria Investment Promotion Council (NIPC), to deliberate on business modalities.

According to Ayaya, his company, which specialises in agriculture, oil and gas, power generation, as well as, manufacturing, is extending its investment to Africa, and has decided on Nigeria considering its vast natural endowments and human resources.

President of the firm, Lykhodid Iurii, then stated that the company intends to invest in Nigeria's economy by transferring technology in manufacturing sector, especially cement production, oil and gas, power generation with solar energy, as well as, agriculture, particularly fertiliser production.