Kachikwu Says There Is No Plans To Concession PH Refinery

Kachikwu Says There Is No Plans To Concession PH Refinery

Minister of State for Petroleum Resources, Dr Ibe Kachikwu, says the Federal Government is not planning to concession the Port Harcourt refinery but to revamp it.

It was earlier speculated that the Federal Government, through the ministry of Petroleum Resources, planned to concession the refinery to AGIP/ENI and Oando Plc.

Consequently, the Senate in May set up the seven-member ad-hoc committee to probe the issue, especially with the allegation that 15 billion dollars was involved in the concession process.

At the hearing on Thursday, chairman of the Ad Hoc Committee, Sen. Abubakar Kyari, told Kachikwu that there was a media publication credited to him that ”26 investors had indicated interest in the concession.”

But, the minister said ”as the driver of the policy of the petroleum industry, there has not been any approval from anybody or President Muhammadu Buhari to concession the refinery.

The issue for the turn-around maintenance was that government was not going to put more money into the process of maintenance but we were going to seek private funding to achieve that objective.

I have not given any policy to NNPC or directive for them to concession or to sell. I have conveyed the President’s approval for them to get financing and repair the refinery and bring it to template.

That is the policy directive; that is what they are working on.

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