- The Nigerian National Petroleum Corporation (NNPC) says it is almost done with choosing the potential financiers for the proposed refinery in Katsina
- Maikanti Baru, NNPC's group managing director, states that the said refinery will boost supply and distribution of petroleum products in the country
- Baru says the corporation will rehabilitate the refineries towards a 90% capacity utilization per stream day before the end of 2019
Minister of state for petroleum resources Emmanuel Ibe Kachikwu, on Wednesday, January 31, signed an agreement with President of the Republic of Niger Mahamadou Issoufou and his energy minister Foumakoye Gado to build a refinery in the border town between the Republic of Niger and Katsina state.
Leadership reports that details of the agreement are still not concluded but a statement from the Ministry of Petroleum Resources read: “A mutually beneficial agreement was reached for the construction of a refinery in the border town between the Republic of Niger and Katsina State, Nigeria and a crude oil pipeline from the Republic of Niger to the new refinery."
The statement added that bilateral and technical resolutions are to be reached soon. According to the statement, in line with the commitment to collaborative work across the region to ensure definitive solutions to the challenges of the downstream sector of the oil and gas industry.
The Nigerian National Petroleum Corporation (NNPC) recently announced that it is getting closer to arriving at the choice of financiers for the Port Harcourt Refining Company Limited (PHRC), Warri Refining and Petrochemical Company Limited (WRPC) and the Kaduna Refining and Petrochemical Company Limited.
Maikanti Baru, NNPC's group managing director, disclosed this in his speech to members of staff of the corporation on the fuel supply situation in the country. He said the deliberations on the choice of potential financiers for the refineries were still underway.
Baru said: “We are pushing towards the final selection of our financiers and we expect that when that is done, we’ll get the agreements and present them to our board, meeting this month to secure their endorsement and once we have the funding, we would start the rehabilitation of the refineries towards a 90 per cent capacity utilization per stream day before the end of 2019.”
He stated that the development is capable of boosting petroleum products supply and distribution in the country.
Meanwhile, NAIJ.com reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) was set to commence work on its proposed $3 billion (N1.08 trillion) refinery in two states of the federation.
The national president of the association Chinedu Okoronkwo, made the disclosure in an interview in Lagos on Wednesday, January 31. IPMAN had in July 2014, acquired over 1,000 hectares of land to build refineries that would produce 200,000 barrels of petrol per day at Itobe in Kogi and Abbe in Bayelsa.
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