SOUTH KOREAN INVESTORS TO BUILD FOUR REFINERIES IN NIGERIA, SAYS FG
Detailed Breakdown:
1. Refinery Construction Plans: A consortium of South Korean investors has concluded plans to build four refineries in Nigeria, each with a capacity of 100,000 barrels per day. This announcement was made by Heineken Lokpobiri, Nigeria's Minister of State for Petroleum Resources.
2. Government Encouragement: The Nigerian government is encouraging refinery investments by creating an open environment for investors and adopting a public-private partnership model.
3. Approval for Investors: The consortium from South Korea has been granted approval to proceed with the project, although the specific name of the consortium was not disclosed.
4. Energy Security Goals: The government aims to ensure energy security and promote equity investment in modular and upcoming refineries, as part of its efforts to strengthen Nigeria’s petroleum refining capacity.
5. Domestic Crude Supply: Guidelines have been published by the Nigerian Upstream Petroleum Regulatory Commission to ensure transparency and feedstock access for local refineries.
6. Deregulation and Impact on Masses: The government will ensure full deregulation of the downstream sector, while also easing the financial burden on the population through an accessible framework.
7. Support for Refinery Infrastructure: The Petroleum Industry Act (PIA) is being reviewed to use a portion of the National Gas Infrastructure Fund for supporting refinery infrastructure.
8. Workforce Development: Plans are in place to create apprenticeship programs to develop expertise in refinery operations, in partnership with existing refineries.
9. Efforts Against Oil Theft: The government has set up a committee to find home-grown solutions for preventing crude oil theft and illegal refining.
This initiative aligns with Nigeria's vision of becoming a self-sufficient petroleum producer and a refining hub for Africa.
Detailed Breakdown:
1. Refinery Construction Plans: A consortium of South Korean investors has concluded plans to build four refineries in Nigeria, each with a capacity of 100,000 barrels per day. This announcement was made by Heineken Lokpobiri, Nigeria's Minister of State for Petroleum Resources.
2. Government Encouragement: The Nigerian government is encouraging refinery investments by creating an open environment for investors and adopting a public-private partnership model.
3. Approval for Investors: The consortium from South Korea has been granted approval to proceed with the project, although the specific name of the consortium was not disclosed.
4. Energy Security Goals: The government aims to ensure energy security and promote equity investment in modular and upcoming refineries, as part of its efforts to strengthen Nigeria’s petroleum refining capacity.
5. Domestic Crude Supply: Guidelines have been published by the Nigerian Upstream Petroleum Regulatory Commission to ensure transparency and feedstock access for local refineries.
6. Deregulation and Impact on Masses: The government will ensure full deregulation of the downstream sector, while also easing the financial burden on the population through an accessible framework.
7. Support for Refinery Infrastructure: The Petroleum Industry Act (PIA) is being reviewed to use a portion of the National Gas Infrastructure Fund for supporting refinery infrastructure.
8. Workforce Development: Plans are in place to create apprenticeship programs to develop expertise in refinery operations, in partnership with existing refineries.
9. Efforts Against Oil Theft: The government has set up a committee to find home-grown solutions for preventing crude oil theft and illegal refining.
This initiative aligns with Nigeria's vision of becoming a self-sufficient petroleum producer and a refining hub for Africa.