NNPC Plans Equity Buy In Private Refineries

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The Nigerian National Petroleum Corporation (NNPC) on Monday disclosed that it would acquire equity stakes in select private refineries in the country.

 The NNPC said this was in line with a Federal Government’s policy directive which stipulated the mandatory participation of the corporation in any privately-owned refinery with 50,000 barrels per day capacity, adding that it had identified at least six refinery projects in which it would seek equity participation.  Five of the refineries are at the development stage. The Dangote Refinery is the largest of them all.

 Spokesperson, NNPC, Kennie Obateru, in statement issued in Abuja, a explained that corporation as the national oil company of Nigeria primarily had a dual role of providing oversight for the nation’s hydrocarbon resources, including adding value to the country’s resources for the benefit of all stakeholders.

 Obateru wrote: “These roles enable it to achieve the twin objectives of providing energy security for the country and stimulating the nation’s economic development and growth.

“The oil refining sector is one of such segments where NNPC is revisiting its strategy in order to strengthen domestic refining capacity and guarantee national energy security.

“The new vision is to grow domestic refining capacity, improve petroleum products supply from our local refineries and become a net exporter of petroleum products.”


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