4 Modular Refineries To Commence Operations Soon — FG

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The Federal Government will soon release the names of the four companies which successfully bidded to operate Modular Refineries in Nigeria.

The Minister of Information and Culture, Alhaji Lai Mohammed disclosed this on Monday while briefing journalist in Abuja as part of ongoing sensitization campaign on the deregulation of the down stream sector of the nation’s petroleum industry.

The minister assured that when fully operational, Nigeria will be able to refine 650,000 per day of petrol from the refineries while Dangote Refinery will also add 750,000 barrels per day, to make Nigeria net exporter of refined petroleum products.

The Minister noted that the federal government has followed the process for approving the bid winners, said the ventures will help create over 200,000 jobs as well as stimulate the economy.

Alhaji Mohammed who briefed the press in company of the Permanent Secretary of the Ministry and General Manager, Group Public Affairs of the Nigerian National Petroleum Corporation NNPC, Alhaji Garbadeen Mahammad, told newsmen that the NNPC was heading for bankruptcy because it became the sole importer of over 90 percent of petroleum products consumed by Nigerians shortly before the recent deregulation