Nigerian state owned refineries to get investors in September

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said that state-owned refineries would have new investors in September, this year.

Kachikwu made this known at a news conference on the sideline of the 2017 Offshore Technology Conference (OTC) in Houston, U.S. on Wednesday.

He listed the refineries as Port Harcourt Refining Company (PHRC), Warri Refining and Petrochemicals Company (WRPC) and Kaduna Refining and Petrochemicals Company (KRPC).

The minister explained that the country now had a sizeable willing investment portfolio for the refineries, adding that the investors would be made public in September.

When we came on-board, the refineries were not working but as we speak, we have sizeable investment portfolio for them to an extent that we don’t know who to partner with for the investment.

By September, we will unveil the investors for the refineries.

The new investors are expected to repair, revamp and maintain the refineries according to the terms and conditions of the contract, he said.

Kachikwu, however, said that when completely repaired, the refineries would still not meet the country’s consumption need, but added that where the refineries fail to meet the demand, Dangote’s and modular refineries would fill the gap.

The PHRC 210,000 barrels per day complex conversion plant can produce Liquefied Petroleum Gas (LPG), Premium Motor Spirit (PMS), Dual Purpose Keresene (DPK), Automative Gas Oil (AGO), Low Pour Fuel Oil (LPFO) and High Pour Fuel Oil (HPFO).

The Warri refinery is a 120,000 barrels per stream day plant capable of producing LPG, PMS, AGO, DPK and Fuel Oil from a blend of Escravos and Ughelli crude oils.

Kaduna refinery is 110, 000 per day plant which produces LPG, PMS, Household Kerosene (HHK), Aviation Turbine Kerosene (ATK), AGO and fuel oil,” he stated.

Source: Voice of Nigeria