The Federal Government has signed a Memorandum of Understanding (MoU) with the Nigerien Government on the establishment of a modular refinery to be sited in Katsina state and the exportation of crude from the Republic of Niger.
The agreement was signed at the presidential Villa on Tuesday by the ministers of Petroleum Resources of the two countries in the presence of President Muhammadu Buhari and his Nigerien counterpart, Mahamadou Issoufou.
Speaking after the signing of the agreement, Nigeria’s Minister of State for Petroleum Resources, Ibe Kachikwu, said the refinery would be funded by the private sector and that it would solely rely on the Nigerien crude.
In his address, President Buhari said the initiative would not only provide a reliable market for the stranded crude from the Niger Republic but would also provide petroleum products for Nigeria, as it aggressively pursues its aspiration on petroleum product self-sufficiency.
“This project will be private sector driven with the full support of the governments of both countries and I am happy to understand that several expressions of interest from prospective investors are already being received.
“In this regard, a Steering Committee has been set up to be chaired by the Nigerian Minister of State for Petroleum Resources and the alternate chairman is the Nigerien Minister of Petroleum, to provide strategic leadership, direction and governance oversight for the project,” he said
By Oluwasegun Olakoyenikan….
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