Study

NIGERIA SEEKS TO REDUCE FUEL IMPORT BILL BY BOOSTING REFINING CAPACITY UTILIZATION

The Nigerian National Petroleum Corporation (NNPC) has taken steps to reduce fuel imports by boosting the capacity utilization of its refineries to 60 per cent by the end of 2017, says its Group Managing Director, Dr Maikanti Baru.

Disclosing this when the Board and Management of Media Trust Limited, publishers of the Daily Trust newspapers, led by its Chairman, Mallam Kabiru Yusuf, called on him here, he said the NNPC was keen to end fuel imports in a few years time and that a concrete plan was in place to achieve this.

We are putting together various programmes to ensure that we achieve at least 60 per cent local refining by the end of this year. It is the procedure or methodology that we are changing a little bit, we are focusing on the process licensors to come and audit our processes and they have already started auditing most of our process units in the various refineries,” he said.

We hope if we do all these systematically, we should be able to get about 60 per cent level of capacity utilization by the end of this year or at worst by the first quarter of 2018 and get to 80 per cent by the end of 2018 so that we will be able to supply locally half of our PMS (Petroleum Motor Spirit) requirements. Also, with other efforts in terms of other refineries coming in place, we should be able to quit importation in a few years, he added.

Source: NAM NEWS NETWORK