Kachikwu Gives Reason For Delay In Take-Off Of Refineries’ Co-Location

Kachikwu Gives Reason For Delay In Take-Off Of Refineries’ Co-Location

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has explained the delays in the take-off of his initiative to have new refineries set up and share infrastructure with Nigeria’s existing refineries in Kaduna, Port Harcourt and Warri, to boost domestic petroleum products refining capacity, ThisDay reports.

According to the petroleum minister, the concept has taken the Nigerian National Petroleum Corporation (NNPC), which owns and operates the three refineries that would host the new ones, time to understand and subsequently come to terms with it. The minister explained to journalists at the just concluded 2017 edition of the annual Offshore Technology Conference (OTC) in Houston, Texas, United States, that the corporation was initially uncomfortable with the idea of having additional refining units at its existing complexes, which it still had challenges fixing.

He, however, noted that the NNPC had since come to terms with the idea, which he said would be different from its existing refining activities, hence, the progress made with discussions on the Kaduna and Warri refineries hosting the new refineries. The minister also said he understood the importance of deregulating the market to allow investments and private-sector led growth, but that he was sure the issue would be addressed.

topics from
There is no comment