BUSINESS NEWS

Refineries will be Ready By 2023- NNPC

The Nigeria National Petroleum Corporation (NNPC), has set mid 2023 as date for the reopening of refineries in Nigeria.

For years now, all the country’s refineries in Port Harcourt, Warri and Kaduna, have been dormant, with promises upon promises falling to naught.

Mele Kyari, Group Managing Director of NNPC.

The current administration of President Muhammadu Buhari promised during his campaigns, prior to winning the 2015 elections, that he would revive them in his first year. But nothing has been achieved so far.

The Group Managing Director of NNPC, Mele Kyari who disclosed this on a television programme, also said it is not currently practical to float the refineries beneficially and commercially.

Alongside him was Timipre Sylva, the Minister of State for Petroleum Resources.

He said that the refineries were currently dormant but that everything is being done, with the help of private investors, to get them back on. He went on to say that the model used by NLNG will be adopted.

Timipre Sylva, Minister of State for Petroleum Resources.

“In this model, NNPC is going to be the minority partner in the refineries,” he said.
On his part, Sylva said the National Assembly would get and possibly begin work in earnest on the Petroleum Industry Bill, which has not been passed for more than two years, in two weeks.

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