We would fix country's refineries mid-2023 - NNPC
The Nigerian National Petroleum Corporation (NNPC) has announced a new target date of mid-2023 to get the refineries within the country up and running.
The country's refineries located Port Harcourt, Warri and Kaduna have been dormant for years.
In a TV program on Sunday night, the Group Managing Director, NNPC, Mele Kyari stated that it was currently impractical to float the refineries commercially.
Kyari spoke alongside the Minister of State for Petroleum Resources, Timipre Syla in a virtual conversation during the programme.
The NNPC managing director said private investors would work with the corporation to fix the refineries. He added that the model adopted in the Nigeria Liquefied Natural Gas company could be used for refineries.
"In this model, NNPC is going to be the minority partner in the refineries", he said.
Kyari said that currently, the refineries are dormant but further noted that the oil firm was working hard to get them back to functionality to commence full domestic refining of crude oil.
Sylva, on his part, said the National Assembly would get and possibly commence work earnestly on the Petroleum Industry Bill in two weeks.
He said he was hopeful that the bill which had dragged for years without being passed would finally become law under the current administration.
The minister firmly added that the downstream oil sector had been deregulated and that petrol price would be determined by global crude oil prices.
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