The Nigerian National Petroleum Corporation (NNPC) says it has plans to establish 100,000-barrels-per-day brownfield refineries in Port-Harcourt and Warri to boost local refining of crude oil in the country.
The group general manager, Group Public Affairs Division, Mr Ndu Ughamadu, disclosed this in a statement issued yesterday in Abuja.
Ughamadu said that the effort was part of the corporation’s refinery collocation initiative designed to boost local refining capacity to end the era of petroleum product importation
He quoted the Group Managing Director, Dr Maikanti Baru, as saying that some investors had commenced the process of relocating some refineries abroad to the county.
“A group of investors had commenced the process of relocating a refinery that used to be owned by BP from Turkey to Nigeria to be installed near the Port Harcourt Refinery.
“Our collocation initiative aimed at getting private sector investors to bring in brownfield refineries so that they can share facilities is also yielding results. For example, there is one that is going to be brought in from Turkey to be located near the Port-Harcourt refinery.
“It’s not a modular refinery; it’s a normal refinery with about 100,00bpd capacity. It was owned by BP, but it has been sold off now to the companies that want to bring it over from Turkey to install it here. There is another one of about the same size being looked at to be sited near Warri refinery. But the one for Port-Harcourt is at a more advanced stage.
Our drive at the NNPC as a leader in the industry is to expand our local refining capacity and make Nigeria a global refining hub,” he said.
Meanwhile, the NNPC also emphasised that the execution of the strategic Ajaokuta-Kaduna-Kano gas pipeline project is progressing under the original concept of 100 percent contractor financing model.
The Corporation in a statement explained that the application of revenue generated from the tariff is purely for loan repayment since the project financing is “Contractor finance”.
‘‘We wish to further clarify that part of the approvals obtained from the Federal Government is to fund the implementation of the project front-end activities tagged “Early Works” in order to continue to move the project forward pending the conclusion of the financing negotiations,’’ the statement read in part.
NNPC further clarified that the amount spent for the early works shall be recovered immediately the loans disbursement starts and no part of tariff shall be spent on the project until the end of the loan moratorium period.
The Corporation also restated its commitment to actualizing the AKK project as approved and in line with the federal government’s desire to improve the supply of gas nationwide, thereby enhancing power generation, economic growth and employment opportunities.
While pledging to work with its partners to progress the financing and technical arrangements for the AKK Project, the NNPC promised to provide regular and informed updates to the media and well-meaning members of the public.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP Nigeria Newspapers. Contact: firstname.lastname@example.org
- SPONSORED8 hours ago
How To Last For 25 Minutes Longer In Bed, Permanently End Pain And Embarrassment Of Weak Erection
- OPINION9 hours ago
Buhari And Fake News Of His Death
- NEWS23 hours ago
Campaign Group Faults Atiku’s Plan To Sell NNPC
- ENTERTAINMENT22 hours ago
DStv Subscribers Demand Pay-As-You-View Billing System
- NEWS20 hours ago
Bitter Leaf Juice Boosts Fertility, Fights Prostate Cancer – Nutritionist
- COVER STORIES11 hours ago
Again, PMB Meets Govs Over New Minimum Wage
- NEWS21 hours ago
NYSC Is A Hot Cake Many Falsify Dates Of Births For Mobilization –Mohammed
- NEWS17 hours ago
Allegations Over My Certificates Diversionary – Ashiru