Investors To Build Two Refineries In N/Delta - NNPC
Nigeria is inching close to sufficiency in petroleum production.
The Nigeria National Petroleum Corporation, NNPC has put a plan in motion to end fuel importation by 2019.
On Thursday, the NNPC said two private Nigerian companies have been selected to build two refineries in Port Harcourt and Warri under the co-location initiative of the Federal Government.
The project introduced by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, seeks to ensure that new refineries are set up to share infrastructure with the nation’s existing refineries in Port Harcourt, Kaduna and Warri.
One of the companies, the LRR Group, would build 117,000 barrels per day refinery near the Warri refinery, while the other, identified as JALEMBA, would build 100,000 bpd facility close the Port Harcourt refinery.
“The reality of the situation is that studies have been done and by 2025, the actual projected petrol consumption in Nigeria is estimated to be about 41 million litres per day.
“Now, the three refineries at full capacity will deliver about 50% of that. Dangote refinery, I understand, will deliver about 95% of that when it comes on stream.
“That is where the whole idea of becoming a net exporter of petrol is coming from – if the three refineries operate at full capacity and Dangote also comes on stream,” said Anibor Kragha who is the Chief Operating Officer, Refining and Petrochemical, NNPC.