NNPC to acquire stake in six private refineries | The Guardian Nigeria News

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NNPC GMD, Mele Kyari. Photo: TWITTER/NNPCGROUP

The Nigerian National Petroleum Corporation (NNPC) Monday said there is no going back on acquiring equity in six private refineries which are being developed in the country.

The state oil firm said acquiring equity in the private refineries is important for national energy security.

A spokesman for the corporation, Kennie Obateru, in a statement noted that the move was in line with plans by the Federal Government.

According to him, the Federal Government policy directive stipulates the mandatory participation of the Corporation in any privately-owned refinery that exceeds 50,000 barrels per day capacity in keeping with its statutory role of safeguarding national energy security.

“In this regard, the Corporation has identified at least six refinery projects in which it intends to seek equity participation, five of them are at the development stage with the Dangote Refinery being the largest of them,” Obateru said.

He explained…



Source: Guardian Newspaper