NNPC Searches for Equity Partners to ‘High-grade’ Refineries, says Ojulari
…assures Port Harcourt, Warri, Kaduna facilities will work again
The Nigerian National Petroleum Company Limited (NNPC) has stated that it has begun a detailed review of Nigeria’s three petroleum refineries, with a view to bringing them back online.
The Group Chief Executive Officer of NNPC Limited, Bayo Ojulari who disclosed in a post on his verified personal X handle stated that one of the options being explored by the NNPC is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.
Tagged: “Update on Our Refineries”, Ojulari stated that the NNPC continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.
In spite of spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up. The Warri refinery remained comatose weeks after it was gleefully announced to have returned to production, while the Kaduna facility never took off at all.
But sounding a note of optimism, Ojulari, who posted the message with a hashtag #Nigerian refineries will work, explained that the NNPC has developed a strategy to ensure that this aspiration comes to fruition.
“We are filled with determination! We are looking ahead with optimism to ensure our refineries operate effectively. We are dedicating significant time to a detailed review and are eager to implement our insights.
“What fuels our drive is the understanding that the prosperity of the Nigerian states and the future success of Nigeria will always take precedence over any individual interests.
“This very commitment inspires us as we anticipate creating sustainable solutions for our refineries in the near future. #Nigerianrefineries #willwork”, he wrote .
Outlining the fresh plan under several subheadings including Technical & Commercial Review; Advanced Technical Partnerships as well as Energy Security & Asset Optimisation, the NNPC GCEO stressed that the technical equity partners to be selected, must have a track record of operating refineries to international standards.
“He wrote: “Ongoing technical and commercial review for comprehensive assessment of all three refineries. To high-grade or repurpose as may be required to ensure optimal performance and sustainability.
“Advanced Technical Partnerships. Select Technical Equity Partners who have a track record of operating refineries to international standards. Complete requisite agreements to mobilise towards implementing high-grade or repairs as required.”
As for Energy Security & Asset Optimisation, Ojulari pointed out that this is to assure NNPC’s capacity to meet Petroleum Industry Act (PIA) requirements as the supplier of last resort for petroleum products as well as to ensure efficient and profitable operation of the refineries. “We’re repositioning as a commercially driven, transparent energy company serving Nigerians,” Ojulari added.
