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NNPC To Build Two New Refineries

The Nigerian National Petroleum Corporation has said it is in the process of establishing two new 200,000 barrels-per-day condensate refineries to boost in-country refining capacity.

Unlike the conventional refineries, condensate refineries primarily refine condensate, not crude oil. They often produce one product, mostly Premium Motor Spirit, popularly known as petrol.

Mele Kyari, NNPC’s group managing director, disclosed this in a statement issued by the oil firm in Abuja on Monday, adding that upon completion, the refineries would help transform Nigeria into a net exporter of petroleum products.

He said 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 said these complementary efforts by the NNPC and the Dangote Group would guarantee energy security for Nigeria.

He also stated that the national oil company was not in contest with the Dangote refinery for market share; rather it would provide support for the project to boost in-country refining capacity.

The NNPC boss said, “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.”

The statement also said that the Federal Government pledged to support the 650,000 bpd capacity from the Dangote Refinery and Petrochemicals plant with crude oil feedstock and other necessary inputs.

The Minister of State for Petroleum Resources, Timipre Sylva, said the refinery would attract more Foreign Direct Investment into Nigeria upon completion.

Dangote Group has also indicated its plans to export petroleum products from its refinery to Europe, South America, West Africa and Central Africa.

Source: http://news-af.op-mobile.opera.com/news/detail/39d928b074554681e9836caa780819d2?country=zw&language=en&share=1&client=