Minister says FG will privatise refineries

chika ebuzor

May 10, 2016 7:47 AM

Kachikwu said the government is working with major oil companies to ensure that the refineries are working at full capacity.

The Minister of state for petroleum and Group Managing Director (GMD) of

He said the government is working with major oil companies to ensure that the refineries are working at full capacity.

The NNPC GMD also said some multinational companies have signified their interest to purchase of the refineries.

He also said the refineries will not meet local demand, even if they are overhauled, adding that the nation will also depend on output from other privately owned refineries.

Kachikwu said “We have gotten commitments from some of the majors. Agip has indicated interest to work with us on Port Harcourt, Chevron on Warri. We are talking to Total on Kaduna.

“The refineries would not be sold but joint venture partners with established track records of success in refining would be invited to support the running of the refineries in order to ensure efficiency."

The minister previously told newsmen on Saturday, April 23, 2016, that undefinedto produce at maximum capacities.

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chika ebuzor