The Nigerian National Petroleum Company Limited is seeking technical equity partners to revive its three refineries, which have remained idle despite significant investments. According to Group Chief Executive Officer Bayo Ojulari, the move aims to ensure the refineries operate effectively. The refineries, with a combined capacity of 445,000 barrels per day, have the potential to help Nigeria end its reliance on imported fuel and become a net exporter, particularly when combined with the Dangote Petroleum Refinery.
Ojulari stated that the company is dedicating significant time to a detailed review and is eager to implement its insights to get the refineries up and running. This development follows previous investments to revive the moribund refineries, including external partnerships worth $2.5 billion in contracts secured by former NNPC head Mele Kyari to rehabilitate the refineries.
The Nigerian National Petroleum Company Limited’s refineries have been idle for some time, despite the country’s reliance on imported fuel. The company’s decision to seek technical equity partners is a significant step towards reviving the refineries and reducing the country’s dependence on imported fuel. With the right partnerships and investments, the refineries can operate effectively, creating jobs and generating revenue for the country.
The move is also expected to have a positive impact on the country’s economy, as it will reduce the amount spent on importing fuel and create opportunities for local businesses. The Nigerian National Petroleum Company Limited’s efforts to revive its refineries are a crucial part of the country’s plan to develop its oil and gas sector and become a major player in the global energy market.
As the company moves forward with its plans to revive the refineries, it is likely to face challenges, including securing the necessary funding and partnerships. However, with the right approach and support, the Nigerian National Petroleum Company Limited can overcome these challenges and achieve its goals, ultimately benefiting the country and its economy. The company’s decision to seek technical equity partners is a significant step towards achieving this goal, and it will be important to monitor the progress of this initiative in the coming months.