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Business & Finance

Federal Government Reveals Time Frame For The Privatization Of Oil Refineries

Crude Oil
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Nigeria plans to initiate fresh moves to privatize its four ailing refineries before the end of this year, as it seeks to boost domestic fuel supply after abolishing payment of costly subsidy on imports, Platts reports.

Presidential aide Adeyemi Dipeolu said; “The federal government will set a time frame for the privatization of [state-owned] refineries before the end of this year.”

“As part of the deregulation of the downstream oil and gas sector, the federal government will set a deadline for the country to be self-sufficient in refined petroleum products and become a net exporter of some,” Dipeolu added.

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State oil firm Nigerian National Petroleum Corp (NNPC) owns and operates the four refineries, namely: the 125,000 b/d Warri refinery, the 110,000 b/d Kaduna plant and two other refineries at Port Harcourt with combined capacity of 210,000 b/d. Industry officials said the support the government received from the two powerful oil workers’ unions, NUPENG and PENGASSAN, in the recent removal of subsidy on imported petrol and the increase in fuel prices, bolstered the government’s confidence to launch a fresh bid to privatize the refineries.

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