| NNPC BOSS - EMMANUEL IBE KACHIKWU |
Reuters
reports that Nigeria's NNPC boss, Emmanuel Ibe Kachikwu today, December 17,
stated that the country is still grappling with ageing and unproductive oil
refineries even as it boosts crude output.
Crude
production is forecast to reach 2.1 million barrels of oil per day (bpd) this
year and should rise to 2.4 million next year, Mr. Kachikwu told reporters,
though none was being refined locally.
The
issue is important for Nigeria because without being able to refine its oil it
is reliant on exporting crude then importing refined products such as gasoline
for use by companies and consumers.
"In
October we had zero performance (from refineries), we didn't produce
anything," Kachikwu said. "As of now the refineries are still not
working. We are going to try and repair them."
In
November, the country's top refinery official had told Reuters Nigeria aimed to
produce up to 30 percent of its domestic gasoline needs by the first quarter of
2016 following an overhaul of the refineries.
Kachikwu
reiterated Africa's top oil producer was trying to secure external funding to
revamp the refineries before considering their sale. "We cannot sell the
refineries in their present state. They will be worth nothing."
President
Muhammadu Buhari, also oil minister, has made refurbishing the country's
dilapidated refining system a priority as he seeks to reform an industry
hampered by mismanagement and corruption.
COURTESY:
Thomson Reuters
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