INSUBCONTINENT EXCLUSIVE:
The government has announced a partnership with South Korean investors to construct four new oil refineries across the country.Each refinery
will have a capacity of 100,000 barrels per day
Minister of State for Petroleum Resources, Heineken Lokpobiri, revealed this news at a summit in Lagos.The event was organized by the Crude
Oil Refineries Owners Association of Nigeria
adopted a public-private partnership model to attract investments
This approach aims to unlock potential in both the midstream and downstream segments of the oil and gas industry.The government has also
simplified the process for tax exemptions on refinery equipment imports
products despite being a major crude oil producer
Existing refineries have struggled with low production due to years of neglect and poor maintenance.The addition of these four refineries
Recently, the Dangote Refinery, with a capacity of 650,000 barrels per day, began operations.This marked a significant step towards
increasing local refining capacity
However, challenges remain for the Nigerian oil industry.Ensuring a steady supply of crude oil to the refineries is a major concern
The government is also working to address issues of oil theft and illegal refining activities.The Nigerian government has outlined a broader
strategy for revitalizing its oil sector
This includes encouraging both modular and large-scale refinery projects.They are also working towards full deregulation of the downstream
of becoming a net exporter of refined petroleum products
The project also promises job creation and economic growth in the regions where the refineries will be located.As Nigeria moves forward with
these plans, the world watches with interest
