FG Plans to build new Refineries

by on December 17, 2015

The Federal Government of Nigeria has said it plans to build new refineries so as to refine an increased volume of crude to sustain needs of Nigeria.

Dr. Ibe Kachikwu, while having an interactive session with members of the National Assembly in Abuja pledged his readiness to work closely with the National Assembly to ensure the speedy development of the country’s oil and gas sector for the benefit of Nigerians and Nigeria.

He also stressed that the new refineries would be sited within the old ones and would be funded by private investors.This idea, he said, is to enable the refineries share power, pipelines and other resources. On the current state of the refineries, Dr. Kachikwu stated that from available reports, two of the refineries may be re-streamed before the end of December.

The Minister also made a presentation to members of the National Assembly titled, “The Roadmap for Nigeria’s Oil and Gas Sector,” while noting that the average national oil production as at July 2015 stood at 2.1 million barrels per day and the Nigerian Petroleum Development Company (NPDC) equity production is 99,000 barrels per day.

He also told lawmakers that the average gas-to-power generation is about 3,000 megawatts and domestic gas supply of one billion standard cubic feet (scf) with the contribution of 600 million standard cubic feet from NPDC. He noted that the Nigerian Content policy would transform the oil and gas industry into the economic engine for job creation and national growth.

Omolara Adegoke- Abuja

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