Emmanuel Ibe Kachikwu, Group Managing Director, Nigerian National Petroleum Corporation (NNPC), in an interactive session, has muted plans that the Corporation may sell refineries that fail to work optimally by the expiration of the 90-day ultimatum for their rehabilitation
Kachikwu said that “by the end of December when the 90-day ultimatum will expire, any refinery that does not work optimally will be sold.I am determined to make a difference during my tenure. We are losing N2.2 trillion monthly to refinery inefficiency.
“As at today, the average refining performance is 30 per cent. If by December, the refineries don’t work, I will export crude allocation and import refined petroleum products until we fix the refineries. Right now, the Port Harcourt refinery is showing signs that it will meet the December deadline.”
Kachikwu however said that he did not mean Warri and Kaduna refineries will not meet the deadline, but hopes they all make it, so that crude allocation will be utilised to boost domestic refining.
He expressed the hope that the NNPC cash call arrears, which stood at N1.1 trillion, would be settled by the end of December 2015.
“By December, I hope to settle all the cash call arrears and grow Nigerian Petroleum Development Corporation to where it is supposed to be,” he said.

Maureen Nzeogu
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