‘Refineries to get new investors in September’

Port Harcourt refinery

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday said the Port Harcourt Refining Company (PHRC), Warri Refining and Petrochemicals Company (WRPC) and Kaduna Refining and Petrochemicals Company (KRPC) would have new investors by September 2017.

Kachikwu said this at the sideline of the 2017 Offshore Technology Conference (OTC) in Houston, Texas. He said that the country now has sizeable willing investment portfolio for the refineries, noting that by September this year, the investors would be made public.

The new investors, according to him, are expected to repair, revamp and maintain the refineries according to the terms and conditions of the contract.
Kachikwu, who noted that when completely repaired, the refineries would now satisfy the country’s consumption need, said when they fail to meet the need, Dangote’s refinery and modular refineries would fill the gap.

Meanwhile, the National Bureau of Statistics (NBS) in its first quarter Petroleum Import Statistics released yesterday said the Federal Government had imported over N758.08 billion worth of petroleum products during the first quarter of 20I7.

The NBS report said that 4.05 billion litres of Premium Motor Spirits (PMS), 1.31 billion litres of Automotive Gas Oil (AGO) and 41.06 million litres of Household Kerosene (HHK) were imported into the country in first quarter.

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