Outgoing Group managing director of the Nigerian National petroleum corporation Maikanti Baru says financial institutions have expressed readiness to fund the rehabilitation of the nation’s ailing refineries.
The GMD was speaking after being inducted as a fellow of the Nigerian academy of engineering in Lagos.
There are currently five refineries in Nigeria, of which four plants are owned by the Nigerian government through the Nigerian National petroleum corporation, while the fifth is owned and operated by Niger delta petroleum resources.
The refineries located in Kaduna, Port Harcourt and Warri, have an installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity for many years.
Mister Baru says lack of funding by previous administrations have kept the refineries at its present state.
The NNPC boss adds that a detailed bankable study will be ready in October and afterwards the corporation will approach the capital market for further support for the rehabilitation of the refineries.
Related posts:
$6bn needed to fix refineries, says NNPC
Nigeria needs $6bn to fix refineries, says NNPC
House of Reps to probe Reps funds for rehabilitation, maintenance of Refineries
FG To begin rehabilitation of Refineries, action will aid Sector
Refineries rehabilitation will be a great Buhari Legacy – Expert
How the New NNPC Group Managing Director can make Nigeria’s Refineries Work Again – Expert
Refineries earn N3.45bn, incures 160.13bn expenses- NNPC
Modular refineries unable to refine fuel due to price regulation-NNPC
