Minister of State for Petroleum Resources, Ibe Kachikwu has given assurance that three Nigerian refineries might start full opeartions towards the end of 2019.
He said that the refineries would go for 12 to 18 month resuscitation or turn around maintenance TAM after completing the procurement processes by the end of this year.
“If we can do that, hopefully towards the end of 2019, we should have the three refineries being able to produce for the first time in decades, within 425,000 barrels per day name-plate capacity.
“We are also looking at the AGIP refineries. We are also looking at the Petrolex refinery that myself and the Vice President went yesterday to commission.
“We have commissioned their storage facilities. They have been granted approvals through us for an elevation of their refining plan from 150,000 barrels a day to 250,000 barrels a day.”
“Given the history they have had in the success of building their storage and maritime facilities I believe they can meet up.”
Kachikwu advocated private sector funding towwards the fixing of the refineries, saying that his ministry has already designed a model to find private sector funding into these refineries.
“We expect that before the end of this year, we will at least get to the final contracting stage in terms of announcing those who are going to take this up.
“It takes about six months to do this and do it thouroughly but that requires raising close to N2 billion from private sector participants to get this done.
“A lot is being done on refining and we have focused on it so much to the point where I have put my credibility on the line.”
The minister said that the aim is stop importation of petroleum products.
“We have encouraged private sector. (Aliko) Dangote is working very hard on this. I have told the officials of Dangote that as opposed to the 2020 completion period, they are looking at they should assist us by trying to deliver this in 2019, hopefully.[myad]
Home BUSINESS OIL & GAS 3 Nigerian Refineries May Start Full Operation By 2019, Minister Of State...
