NNPC invites bids for ailing refineries as militants renew threats

Nigeria National Petroleum Corporation (NNPC) on Tuesday invited bids for the overhaul of its ailing refineries.  Efforts geared at finding partners to rejig the refineries were opened via a published tender. Bidding will end on May 30.

The NNPC boss, Emmanuel Ibe Kachikwu, had last month said the firm was in talks with Chevron, France’s Total and Italy’s ENI to revamp the refineries. The exercise seemed a promise kept as the government had vowed openness and transparency in the administration any tender to attract a maximum number of bids.

NNPC is seeking partners for joint ventures to “fund, rehabilitate and jointly” operate the 210,000-barrel-per-day Port Harcourt refinery, the 110,000-bpd Kaduna refinery and the 125,000-bpd Warri refinery, according to the tender which was published in newspapers.
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Investors would be paid from proceeds from the sale of refined products, the tender said.

The revamp is part of reforms started by President Muhammadu Buhari Kachikwu last year to overhaul NNPC, whose opaque structures have allowed corruption and oil theft to flourish.

Meanwhile, militants under the aegis of Niger delta Avengers have renewed threats of sabotaging oil platforms in the region even oil prices rose on Tuesday as a result of strike by oil workers in Kuwait.

The group had earlier claimed responsibility for the attack on Shell’s Forcados subsea pipeline.

Though Forcados remained under force majeure,  Eni has lifted its force majeure on the Brass River grade of crude oil.

 

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