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Nigeria: FG Plans New Refineries to Satisfy Domestic Consumption

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Leadership (Abuja)

24 July 2008
Posted to the web 24 July 2008

Ese Awhotu
Abuja

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Engineer Abubakar Lawal Yar'Adua says government is considering building additional refineries in the country, aimed at deriving the full potential of the nation's hydrocarbon resources.

"Nigeria will be the hub for petroleum products supply in West Africa and indeed the entire African continent," he said while receiving officials of the ministry of Energy from the Republic of Uganda.

According to him, in a statement from the NNPC yesterday, additional refineries in the country will go a long way to satisfy domestic consumption and generate more revenue for the country. The nation's refineries are currently producing at different level of effectiveness.

He told the visitors that the nation's oil and gas industry was undergoing reforms, aimed at repositioning the sector for better performance. After the restructuring the NNPC will be able to source for funds and execute its projects and declare dividend to its shareholders.

Relevant Links West Africa Economy, Business and Finance Energy Nigeria Petroleum

"The reform in the industry is in line with government's desire to make NNPC function purely as a profit oriented, commercial and duly capitalised limited liability companies with right to raise funds for its projects and operations just like its peers around the world," Yar'Adua said.

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