NNPC Seeks Stakes In Five More Private Refineries

Nigerian National Petroleum Corporation is considering acquiring stakes in more private refineries in the country.

Gatekeepers News reports that the Nigerian National Petroleum Corporation is planning equity participation in five more private refineries across the nation.

NNPC stated that this was in line with a Federal Government’s policy which designated the mandatory participation of the corporation in any privately-owned refinery that exceeded 50,000 barrels per day capacity.

Gatekeepers News reported that NNPC had earlier indicated an interest in acquiring a 20 per cent stake in the 650,000 barrels per day upcoming Dangote Refinery in Lagos.

On Monday, the national oil company said the remaining five it had intentions to seek equity participation in were at the development stage, adding that Dangote Refinery being the sixth is the largest of them all.

The Corporation’s Spokesperson, Kennie Obateru, in a statement said NNPC, being the national oil company of Nigeria primarily had a dual role of providing stewardship for the nation’s hydrocarbon resources.

Obateru explained that the corporation also had the role of adding value to the country’s resources for the benefit of citizens and other stakeholders.

Obateru said, “These roles enable it to achieve the twin objectives of providing energy security for the country and stimulating the nation’s economic development and growth.”

He added that NNPC considered strategic partnerships with competent investors in sectors of the oil and gas value chain especially where it currently operated on a sole risk basis.

According to the corporation, this is one of its objectives to ensure energy security and stimulate economic growth with limited resources.

Obateru stated, “The oil refining sector is one of such segments where NNPC is revisiting its strategy in order to strengthen domestic refining capacity and guarantee national energy security.

“The new vision is to grow domestic refining capacity, improve petroleum products supply from our local refineries, and become a net exporter of petroleum products.”

The corporation stated that the move would not stop its commitment to the rehabilitation of its refineries and strengthening of the domestic refining sector.