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Poor condition of refineries will extend crude-for-fuel deal till 2023— Kyari

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Oil and gas sector responsible for most non-performing loans in Nigeria- Report

The Nigerian National Petroleum Corporation (NNPC) on Monday said the bad conditions of the nation’s refineries would make crude-for-fuel swap deal persist.

Group Managing Director (GMD) of the corporation, Mele Kyari, said the deal would continue until the refineries were fixed in 2023.

Kyari said: “The DSDP is a child of necessity and not a permanent arrangement. So anytime we are able to meet our domestic petroleum products requirement, of course DSDP goes away.

“The DSDP is a child of necessity and not a permanent arrangement. So, anytime we are able to meet our domestic petroleum products requirement, of course DSDP goes away.

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“The measure will now continue until 2022-23. For this year’s programme, NNPC is looking for 14 billion litres (or 14 cargoes monthly).”

The NNPC began the swap deal more than six years ago as a stop-gap to curb petrol shortages as it tried to revamp the refineries.

Kyari said a new target to revamp the refineries had now been set for 2023, starting with the 210,000 bpd capacity plant in Port Harcourt.

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