Experts urge refineries’ sale as government seeks N342.72b for repair

Experts have condemned the Federal Government’s move to source another $1.12 billion (N342.72 billion) to repair the nation’s refineries.

Their opposition to the plan is premised on the speculation that the government may have spent up to N963 billion in the last 18 years for the repairs of the refineries without achieving the desired result.

Stakeholders who spoke with The Guardian advised the Federal Government to hand over the management of the refineries to private investors through a transparent privatisation programme.

The Nigerian National Petroleum Corporation (NNPC) has four refineries, two in Port Harcourt Refinery Company Limited (PHRC) and one each in Kaduna Refinery and Petrochemical Company Limited (KRPC) and Warri Refinery and Petrochemical Company Limited (WRPC). The facilities have a combined installed capacity of 445,000 bpd.

The Minister of State for Petroleum Resources, Ibe Kachikwu, had said the refineries would require $1.12 billion (N342.72 billion) for a comprehensive turnaround.

The Guardian, October 3, 2017

 

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