State oil company, the Nigerian National Petroleum Corporation (NNPC), on Tuesday said private investors had already begun relocating a refinery from Turkey to Nigeria to be installed near the state oil company’s Port Harcourt refinery, however it did not name any companies or provide a timeline.
According to a statement released by the company, NNPC was looking to establish a 100,000 barrel per day brownfield refinery at its Port Harcourt and Warri sites in collaboration with private investors, and it would allow private investors to install two refineries on these sites.
It said its strategy was “aimed at getting private sector investors to bring in brownfield refineries so that they can share facilities”.
Nigeria currently has four existing 445,000 barrel per day (bpd) refineries that operate well below capacity due to mismanagement and lack of investment, forcing the Nigerian National Petroleum Corporation (NNPC) to import refined petroleum products to meet the country’s needs.
For years, NNPC has sought new investment to reduce the reliance on imported petroleum products. Last year, Forte Oil said it was in talks to form a strategic partnership for local refining of petroleum products.
NNPC spokesman could not be reached for comments.
Frontpage November 29, 2019