The board of the Nigerian National Petroleum Corporation (NNPC) will approve the final list of financiers selected to fund the revamp of the nations’ refineries in Kaduna, Warri and Port Harcourt at its meeting this month.
The corporation’s Group Managing Director, Dr. Maikanti Baru, disclosed. this in a statement from the Group General Manager, Public Affairs of the NNPC, Mr. Ndu Ughamadu, January 23, 2018, in Abuja. He said the corporation was inching closer to arriving at the choice of financiers for the revamp programme which he said will restore the production capacities of the refineries to 90 percent.
In a town hall meeting with NNPC’s workers, he briefed the staff on the current situation with petrol supply in the country he said that the Port Harcourt Refining Company Limited (PHRC), Warri Refining and Petrochemical Company Limited (WRPC) and Kaduna Refining and Petrochemical Company Limited (KRPC) were all up for revamp in the programme.
Baru explained, “We are pushing towards the final selection of our financiers and we expect that when that is done, we’ll get the agreements and present them to our board, meeting this month to secure their endorsement and once we have the funding, we would start the rehabilitation of the refineries towards a 90 percent capacity utilisation per stream day before the end of 2019,” he said.
The procedure for selecting the financiers, he noted was painstaking but necessary to ensure the desired closure on said the corporation was also encouraging new refining capacities to come on board, and that two consortia had indicated interest to co-locate refineries in Warri and Port Harcourt. saying that the corporation was also encouraging new refining capacities to come on board.
KRPC, he noted has also attracted the interest of the Kaduna State Government, which he said was championing a proposal to co-locate another refinery close to it. He said Greenfield Refineries would also come up in Kano and Kaduna soon and would use crude oil from the Niger Republic. On modular refineries, he said the Ministry of Petroleum Resources and NNPC were working to set up some in the Niger Delta.
According to him “So far, about 35 interests for modular refineries have been declared and the Department of Petroleum Resources (DPR) has issued licenses to about 13 and I has been invited to the groundbreaking ceremony of the first one in Bayelsa next month,”