There are plans by a
consortium of investors from South Korea to build four 100,000-barrel capacity refineries in various locations in Nigeria, the Federal Government announced on Tuesday.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, stated this at the maiden edition of a summit organised by the Crude Oil Refineries Owners Association of Nigeria in Lagos.
According to him, the Federal Government is encouraging investors to build refineries by providing an open environment for all.
“We encourage investors to build limited refineries by providing an open environment. A recent approval was granted to invite to Nigeria a consortium of investors from South Korea, which intends to establish four 100,000 barrels-model refineries in four different locations in Nigeria.
“We have adopted the public-private partnership model to unlock investment in the midstream and downstream segments of the oil and gas sector, which will lead to the establishment of more modular and mega refineries,” he said.
The minister said this will yield results because the Federal Government is open to equity investment in modular refineries and other upcoming refineries as a step to ensure energy security.
“The Nigerian Upstream Petroleum Regulatory Commission has developed and published the domestic crude supply obligation guidelines to ensure transparency in the oil industry and ensure access to feedstock by our local refineries.
“In addition, we prioritise and work with stakeholders to ensure effective implementation of the recommendations of the Modular Refinery Committee to give special concession to local refineries’ owners, thereby guaranteeing feedstock to their refineries,” he explained.
