. At CORAN Summit, Lokpobiri orders modular refineries committee to give concession to local bidders
. As Dangote says, he built 650,000 barrels/day refineries without a single incentive
Minister of state for Petroleum Resources (oil), Heineken Lokpobiri, on Tuesday charged the Nigerian National Petroleum Company Limited (NNPCL) to shelve running of its refineries and take equity in private refineries.
Platforms Africa reports that Lokpobiri who said this at the maiden edition of Crude Oil Refiners Association of Nigeria ( COREN) Summit in Lagos, maintained that the government has also detailed the modular refinery Committee to give concession to local bidders.
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Nigeria’s four refineries with cumulative capacity of 445,000 barrels of crude oil daily has produced zero barrel in the last 24 years.
The last time Warri refinery produced a few barrels was in 1999, Platforms Africa reports, as private refineries are now striving with NNPCL taking 7.2 per cent stake in Dangote refinery.
Represented at the summit by Kamoru Busari, Director of upstream at the Ministry of Petroleum Resources, Lokpobiri declared that the government would ensure that deregulation is 100 per cent.
“We urge the state oil company to take equity in the other upcoming refineries rather than running refineries,” he said.
Stating that the government would upscale support for local refineries, the minister maintained that the federal government’s committee on modular refineries has been tasked to give concession to local bidders.”
The government, he said, “would ensure that downstrean deregulation is 100 per cent.”
Meanwhile, the founder of Dangote Refinery, Alhaji Aliko Dangote, has said that his 650,000 barrels per day capacity refinery was built without a single incentive.
Aliko who was speaking at the maiden edition of Crude Oil Refiners Association of Nigeria ( COREN) Summit in Lagos said it’s worth noting that the Dangote Refinery already produces sufficient diesel and jet fuel to meet Nigeria’s demand.
The $20 billion refinery came on stream on January 12, 2024, with a refining capacity of 300,000 barrels but increased to 400,000 barrels by the end of September 2024, Platforms Africa reports.
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Represented by the Executive Director, Dangote Group, Engr Mansur Ahmed, Dangote said despite being the largest producer of crude oil in Africa, Nigeria has for decades largely depended on imports to meet its refined petroleum product needs.
“We recently started the production of PMS and will soon ramp up to meet Nigeria demand. Our refined products have been exported to diverse markets, including Europe, Brazil, UK, USA, Singapore, and South Korea, among others”, he said.
“Thankfully, that will no longer be the case as Nigeria is now poised to transition from a “net importer” to a “net exporter” of refined petroleum products, and firmly establish itself as an emerging global player in downstream trade flows.
“This impending transformation is indicative of how far we have come as an industry and as a nation. We owe a debt of gratitude to our President, His Excellency, Bola Ahmed Tinubu, GCFR for his unwavering support during this journey,” he concluded.
Platforms Africa
