To Get Personalised contents and be able to add items to your favourites, please Sign In or Sign Up          
 

3 new refineries coming -Works Minister


News » Business
Abuja

January 10, 2012

The Minister of Works, Mr Mike Onolememen, has said that part of the benefits that would accrue to Nigerians from the withdrawal of fuel subsidy is the building of three new refineries.

 

The minister, who spoke at the News Agency of Nigeria (NAN) forum in Abuja, on Sunday, said this would help Nigeria to process its crude and meet local consumption.

“Nigerians should know that this oil resource which has been given to this country over the years has not been properly managed. We have another opportunity to get it right.

“Niger Republic and so many of our neighbouring countries are building refineries around us with the intention to sell to Nigeria and with this deregulation policy, one of the major gains will be the building of three new refineries.

“I want Nigerians to know that when these new refineries are completed, we will be a net exporter of petroleum products and prices will begin to come down, just like we are witnessing in the telecommunications sector with the GSM regime,” he said.

The minister said the refineries would be located in Lagos, Bayelsa and Kogi states.

“The one in Lagos is with the capacity of 200,000 barrels per day, while the ones in Kogi and Bayelsa have the capacity to produce 100,000 barrels per day,’’ Onolememen said.

He added that what would be produced by these new refineries would complement the production by existing refineries which would all have had their ongoing turnaround maintenance completed.

“The turnaround maintenance will bring the production capacity of the existing four refineries to between 90 per cent and 95 per cent.’’

Onolememen expressed confidence that the increased level of production would enhance Nigeria’s status as a net exporter of petroleum products.

Article Credit:

Updated 7 Years ago
 

Find Us On Facebook

Tags:     refineries     works minister     subsidy

RELATED