Business
NNPC to build two new condensate refineries
The Nigerian National Petroleum Corporation (NNPC) said on Monday that it is planning to build two new 200,000 barrels per-day condensate refineries in the country.
This was disclosed in a statement in Abuja on Monday by the Group Managing Director of the oil corporation, Mele Kyari, who added, that upon completion, the refineries would help transform Nigeria into a net exporter of petroleum products.
According to him, 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 further explained that these complementary efforts by the NNPC and the Dangote Group would guarantee energy security for Nigeria.
Kyari further explained that the NNPC 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.
He 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.”
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