LAGOS, Sept. 4 (Xinhua) -- Nigeria and Russia have signed a Memorandum of Understanding (MoU) to facilitate a relevant joint venture agreement that will allow the gas firm Gazprom to exploit the huge natural gas resources in Nigeria, local media reported on Thursday.

    The Lagos-based Guardian newspaper reported that Gazprom and the Nigerian National Petroleum Corporation (NNPC) signed the MoU on Wednesday for consideration of various joint projects to be developed by the two firms.

    Gazprom Chief Executive Officer, Alexei Miller, signed for his company while NNPC Group Managing Director, Abubakar Yar'Adua, signed for the corporation at an event in Moscow.

    According to a statement issued after the signing, the pact has paved the way for joint projects execution in exploration, production and transportation of hydrocarbons, processing of associated gas and construction of power plants in Nigeria.

    "It is planned that a joint Nigerian company will be formed," Gazprom said.

    It was reported that Gazprom has listed Nigeria as one of its new investment zones to grow the potential of the company.

    In January this year, Gazprom proposed a multi billion-dollar investment package for Nigeria, thus preparing itself to play a bigger role in the nation's oil and gas sector.