The Group Chief Executive Officer (GCEO) of the Nigeria National Petroleum Company (NNPC) Limited, Mele Kolo Kyari has given assurance that importation of petroleum products will be a thing of the past from next year, 2023.
Mele Kolo, who spoke to news men today, August 30, at the weekly ministerial briefing at the Presidential villa, Abuja said that the combined production capacity of the Dangote refinery when it comes on stream and the NNPCL, will eliminate the importation of the petroleum product.
He said that beyond stopping importation of petroleum products, Nigeria will be a hub of export of the products.
Mele Kolo explained that NNPC owns 20 percent equity in the Dangote Refinery, saying: “not just that, we have the right of first refusal to supply crude oil to that plant because we saw this energy transition challenge coming.
“We knew that a time will come when you will look for people who will buy your crude oil, you will not find. And that means that we have locked down the ability to sell crude oil for 300,000 barrels minimum by right for the next 20 years.
“Also, by right, we have access to 20 percent of the production from that plant as a part of our equity.”
He said that when the Dangote refinery comes on stream by latest, the middle of next year, with the capacity to produce 650,000 per barrel capacity and a different technology, it can crack the crude in a manner that there would be more gasoline than a typical refinery.
“That refinery has the ability to produce 50 million litters of PMS per day.
“So, a combination of that and our own ability to bring back our refineries will completely eliminate the importation of petroleum products into this country next year.
“You will not see any importation into this country next year. This is very pratical, this is very possible.”
He said that but for now, even if all the four refineries in three locations of the country are completed at 90 percent of installed capacity, they will only be able to raise 18 million litres of petroleum motor spirit (PMS) or petrol.
“That means that even if all of them are working today, we will still have a net deficit of PMS imported to this country.
“This is what it means, because our population has grown, demand has grown and the middle class has grown, such that the volume of PMS required in this country has grown exponentially.
“Certainly, if they all come back we will still need to do more and happily also.”
