Marketers Set to Build Two More Refineries to Compete Dangote, Port Harcourt, Names Location
- Oil marketers have revealed that two more refineries are set to come on board in addition to Dangote, Port Harcourt and others
- President of the Independent Petroleum Marketers Association of Nigeria said the refineries will be located in Lagos and Calabar
- This comes after the NUPRC ordered oil companies in Nigeria to supply about 483,000 barrels of crude oil daily to local refineries
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
Abubakar Migandi Garima, a factional President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has disclosed that the association plans to build two modular refineries.
Legit.ng reported that the Organisation of Petroleum Exporting Countries (OPEC) earlier revealed that Nigeria is about to witness the establishment of small modular refineries with 20,000 bpd capacity in the medium term.
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In an interview with AriseNews TV, Garima disclosed that the plants will be located in Cross River State and Lagos State.
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Commitment to building own refineries
He said that independent petroleum marketers are making plans and even pushing to see the establishment of their refineries in different states.
He said:
"There is one in Lagos that we have already secured the land and also one in Calabar.
He added that this is part of the marketers' effort to see that their own refinery becomes a reality.
He added:
“So we are all putting all our efforts to see that at least we start something. Since the removal of subsidy is ongoing, Dangote refinery is expected to start functioning very soon. And this Port Harcourt refinery, we’re expecting to start soon. It’s a modular refinery.”
More crude for Nigerian refineries
Legit.ng reported that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has ordered oil companies in Nigeria to supply about 483,000 barrels of crude oil daily to local refineries for the next six months beginning January 2024.
The initiative is part of Nigeria's efforts to ensure regular supply to local refiners for domestic consumption.
About six local refineries are expected to begin production in the coming year, including the 650,000-capacity Dangote refinery and Nigeria's three refineries in Port Harcourt, Warri, and Kaduna.
Nigerian refineries attract investment from one of world's largest oil field services companies
Legit.ng reported that a global oil and gas conglomerate, Baker Hughes, has shown interest in participating in Nigeria's forthcoming bid round for marginal oil fields.
The American company is one of the world's largest oil field services companies and operates in over 120 countries.
According to Punch, Nneamaka Okafor, Special Adviser to the Petroleum Minister on Media, announced this in a statement.
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Source: Legit.ng
