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Home Business News

NNPC has approved licenses for 13 modular refineries

Fikayo Owoeye by Fikayo Owoeye
May 7, 2018
in Business News, Politics
Mikanti Baru

Dr Maikanti Baru, GMD NNPC

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The Nigerian National Petroleum Corporation (NNPC) has expressed its commitment to actualize the December 2019 target set by the Federal Government to end the importation of petroleum products into the country.

Group Managing Director of the corporation, Dr. Maikanti Baru, said measures are been taken to achieve the target.

Baru announced that about 35 expressions of interest for the establishment of modular refineries had been declared and that the Department of Petroleum Resources (DPR) had issued licenses to 13 of them.

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The modular refineries, according to Baru, will stop the illegal refining of crude and also create employment and wealth among residents of the Niger Delta.

He further explained that in terms of refining and production of local petroleum products, the ongoing arrangement with the original builders of the refineries will return them to at least 90 percent capacity utilization before the 2019 deadline.

Baru noted that the long cherished dream of transforming Nigeria from a net exporter of crude oil to a net exporter of petroleum products would in the months ahead transform into a reality.

He stated that the tendering exercises for companies interested in the rehabilitation programmes of the nation’s four refineries using a contractor-financing model had been completed and successful adding that the companies for the different projects would soon be announced.

Recall that the Minister of State for Petroleum, Dr. Ibe Kachikwu had recently at the commissioning of Petrolex’s mega oil city in Ibefun Ogun- State assured Nigerians of the Government determination to end the importation of refined oil into the country by 2019.


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Tags: modular refineries in NigeriaThe Nigerian National Petroleum Corporation (NNPC)
Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

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  1. Abimbola Abayomi Olasehinde says:
    May 7, 2018 at 9:53 am

    Microwaves which is electromagnetic can heat meat or chicken roasted if apply.

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