State Oil Refinery Revival Pushed to 2020 -Kachikwu
Nigeria’s oil Minister, Ibe Kachikwu said the revival of Nigeria’s state-owned refineries will happen a year later than expected after financing talks dragged on.
Kachikwu said this in an interview in Cape Town.
Nigerian National Petroleum Corporation’s refineries, which have long operated at a fraction of their capacity after years of under-investment, began looking for private partners last year to help improve output.
He stated that Nigeria will only be heavily dependent on imported fuels until those facilities can be fixed, or new ones constructed.
“It’s not likely to happen by the end of 2019 because the financing talks for the joint ventures took longer than expected” he said.
According to him, funding is expected to be secured December, with two years required to bring the plants closer to their full combined capacity of 445,000 barrels a day.
Kachikwu has offered to quit if the nation fails to meet its fuel needs locally by next year. When asked for his preferred timetable for boosting production, he replied: “Yesterday.”
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