A South Korean consortium plans to build four 100,000-barrel capacity refineries in Nigeria, according to Heineken Lokpobiri, the country’s Minister of State for Petroleum Resources. Speaking at the Crude Oil Refineries Owners Association of Nigeria summit, Lokpobiri revealed the government’s approval to invite the investors and emphasized its commitment to fostering a conducive environment for such projects. The refineries will be built using a public-private partnership model that the government hopes will boost investment in the midstream and downstream oil sectors. Lokpobiri stated that the Nigerian Upstream Petroleum Regulatory Commission’s domestic crude supply obligation guidelines will ensure transparency in the oil and gas industry and that local refineries can access feedstock. He added that tax exemptions on refinery equipment imports and efforts to curb illegal refining are part of the government’s strategy to make Nigeria the petroleum refining hub of Africa.
SOURCE: THE PUNCH
