The Federal Government has said it may sell off the refineries as part of its economic reform strategy to attract investors, boost competition, and improve efficiency in the downstream oil sector.
Nigeria’s four state-owned refineries — located in Port Harcourt, Warri, and Kaduna — have a combined installed capacity of 445,000 barrels per day (bpd) but have remained largely dormant for decades, despite repeated turnaround maintenance projects that cost the government billions of dollars.
Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, disclosed this during an interview with Bloomberg TV anchor, Joumanna Bercetche, on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) on Tuesday.
The refineries are owned by the Nigerian National Petroleum Company Limited (NNPCL).
“It’s one of the options that you have to consider if you find the right technical partner with the right capital,” Verheijen said.