South Korean investors to build 4 refineries in Nigeria – Minister --[Reported by Umva mag]

Nigeria’s Minister of State for Petroleum Resources in charge of Oil sector, Mr. Heineken Lokpobiri says that a consortium of investors from South Korea has concluded plans to build four 100,000-barrel capacity refineries in various locations in Nigeria.

The minister told the maiden edition of the summit organised by the Crude Oil Refineries Owners Association of Nigeria in Lagos on Tuesday that the Nigerian 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 would yield results because the Federal Government was 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 said.

According to the minister, the government will ensure the deregulation of the downstream sector is 100 per cent and put in place a necessary framework that will ease the impact on the poor masses.

“The ministry has facilitated easier access to existing tax and other exemptions on refinery equipment importation, which is part of our plan to make Nigeria self-sufficient for petroleum producers and become Africa’s petroleum refining hub,”  he added.

GIK/APA

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