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NIGERIA TO ALLOW PRIVATE SECTOR PARTICIPATION IN OIL REFINERIES

Nigeria has resolved to encourage private sector investment and joint ownership of the country’s oil refineries to ensure greater efficiency, says Minister of State for Petroleum Resources Dr Ibe Kachikwu.

Unveiling the plan for the revical of the country’s ailing refineries when he received members of the House of Representatives Committee on Petroleum (Upstream) here Tuesday, he said the government wanted efficient management of the refineries but would not commit public funds to the refineries any more.

A statement issued by the media director for the Ministry of Petroleum Resources quoted Kachikwu as saying that the government was working hard to bring in private capital to strengthen the refineries in order to boost the nation’s local refining capacity.

Kachikwu explained that prospective private investors would bring in funding, take part in managing the refineries and from there, re-coup their investment.

Kachikwu told the legislators that since the deregulation of the downstream petroleum sector in June, there had been petrol at filling stations across the country at affordable prices.

He also said his visits to to China and India had secured for the nation agreements for deals worth about 80 billion US dollars and that efforts were ongoing to give effect to the Memoranda of Understanding which were signed during the visits so that real money could enter the domestic economy.

He said his next roadshows would be in the Gulf States and the United States where Nigeria hoped to secure investment and recapture its crude oil markets.

Source: NAM NEWS NETWORK