In order to achieve the nation’s goal of refining fuel, the Nigerian National Petroleum Corporation (NNPC) has disclosed that it’s in the process of establishing two new 200,000 barrels-per-day condensate refineries.
According to a statement by NNPC’s Group Managing Director, Mele Kyari, upon completion, the refineries would help transform Nigeria into a net exporter of petroleum products.
While saying the exportation of petroleum products from the condensate refineries would be achieved together with the 445,000bpd capacity of the existing refineries being refurbished, and the 650,000bpd Dangote refinery, Kyari expressed confidence that the NNPC’s effort coupled with that of Dangote Group wpuld guarantee energy security for the country.
The statement read: “Our objective is to make Nigeria a net exporter of petroleum products and you can only achieve that by complementing each other, both the public and the private sector.
“We are going to do more and we actually need more of these private sector refineries for Nigeria to become a net exporter of gasoline (petrol) and other associated products.”
[READ MORE: OML 119: NNPC records 14 bids for development of oil well]
What you should know: Condensate refineries are different from conventional refineries. As a result, condensate refineries don’t refine crude oil. They often produce only a product, mostly Premium Motor Spirit, popularly known as petrol.
This announcement on plans to establish two new 200,000 barrels-per-day condensate refineries is coming shortly after news broke out on NNPC’s collaboration with Saudi Aramco to renovate refineries in the country.
The move, which is in line with the goal of the President-Muhammadu Buhari-led administration, was part of the outcome of President Buhari’s visit to Saudi Arabia where he met with Yasir Al-Rumayyan, Chairman of Aramco and Saudi Arabia’s Public Investment Fund.
Currently, Nigeria’s dormant refineries include the Warri Refining and Petrochemical Company, Kaduna Refining and Petrochemical Company, and Port Harcourt Refining Company. Nigeria imports 90% of its gasoline and diesel, as the refineries operate below capacity.
