News Post
Nigeria moves towards private firm management for its refinery futures
Nigerian National Petroleum Corporation (NNPC) Group Managing Director Mele Kyari has said the country’s refineries will be handed over to private firms to manage their operations and maintenance basis. Repairs will be made to the Warri, Port Harcourt and Kaduna refineries before being handed over to unspecified Operation and Maintenance (O&M) experts moving forward in an attempt to benefit from their knowledge and insight for better operation.
This decision to bring in private ownership for these refineries comes after NNPC has made several attempts in the last 25 years to make these facilities run at their expected levels, but Mr. Kyari stated that there was “something fundamentally wrong” over that time span.
Nigeria has been importing its petroleum products despite the presence of these refineries with a designed combined capacity of 445,000 barrels but have underperformed for years. No timeline has been announced for this handover process.
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