The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said that state-owned refineries would have new investors in September, this year.
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).
Edited by: Joseph Edeh and Olisa Ifeajika
Short Link: https://wp.me/pcj2iU-2TZT
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