Investors Keen On Modular Refineries Despite Challenges

Investors Keen On Modular Refineries Despite Challenges

After many years of lack of investment in private refineries in Nigeria, several local and foreign investors are keen to establish modular refineries in a bid to ramp up the nation’s crude oil refining capacity, The Punch reports.

The Nigerian National Petroleum Corporation recently announced that an Indonesian firm, PT Intim Perkasa Nigeria Ltd, a subsidiary of PT Intim Perkasa, had indicated interest to build a 10,000 bpd modular refinery in Nigeria. The Head of Investor Relations, PTPP (Persero) Tbk, partners to PT Intim Perkasa Nigeria Ltd, Mr. Adi Hartadi, had during a business meeting with the Group Managing Director, NNPC, Dr. Maikanti Baru, stated that the proposed refinery would be located in Akwa Ibom State.

Last month, however, stakeholders, including the Lagos Chamber of Commerce and Industry and oil industry players, expressed concerns over the low level of investment in refineries in the country despite the increase in the number of licences in the hands of private investors. They said it was shameful that the country, Africa’s top oil producer, had continued to rely heavily on importation to meets its fuel needs over the years.

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