Table of Contents
- Government Considers Sale of Refineries
- Official Statement from the Special Adviser
- Market Reforms Under President Tinubu
- Maintenance Update from NNPCL
The Federal Government has indicated the potential sale of the Nigerian National Petroleum Company Limited refineries, which include the Port Harcourt, Warri, and Kaduna refineries.
The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, shared this information during an interview with Bloomberg TV at a recent event in Abu Dhabi.
Verheijen stated that the Nigerian government has not dismissed the possibility of selling the refineries.
“It’s one of the options that we must consider if we can find the right technical partner with adequate capital,” Verheijen noted.
The refineries have primarily relied on subsidies. “However, with the removal of subsidies, we have eliminated the distortions in that market,” she explained.
According to Verheijen, the government's reform initiative under President Tinubu is focused on restoring market efficiency and transparency, ensuring that the petroleum sector functions on strictly commercial terms.
It is worth noting that in May of this year, NNPCL announced the temporary closure of the Port Harcourt refinery for routine maintenance.
In a recent update, NNPCL Group Chief Executive Officer Bayo Ojulari stated that they are capable of managing and operating the Port Harcourt, Warri, and Kaduna refineries to meet international standards.
Frequently Asked Questions
Will the Nigerian government sell the refineries?
The government has indicated that selling the refineries is a possibility, particularly if the right technical partner with sufficient capital can be found.
What are the government's plans for the petroleum sector?
The government aims to enhance market efficiency and transparency in the petroleum sector, ensuring it operates on commercial terms following the removal of subsidies.
What is the status of the Port Harcourt refinery?
As of May this year, the Port Harcourt refinery has been shut down for routine maintenance, with updates indicating that NNPCL is capable of operating the refineries to international standards.
Eze Chidiebere Paul
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