The Crude Oil Refinery-owners Association of Nigeria (CORAN) is poised to position Nigeria as a global leader in oil refining during the upcoming Nigerian Crude Oil Refining Summit. This inaugural event, themed “Making Nigeria a Net Exporter of Petroleum Products,” is set to take place on October 7th and 8th in Lagos.
The summit comes at a pivotal moment for the Nigerian oil industry, as the nation navigates the complexities and opportunities presented by the deregulation of the downstream oil sector. According to a statement from CORAN, the summit aims to provide a comprehensive platform for discussing the significant transformations within Nigeria’s oil sector.
With Nigeria transitioning towards a deregulated downstream oil market, the summit will evaluate the investment landscape and the operational viability of refinery businesses. Deregulation is expected to foster a competitive market environment, attract foreign investments, and enhance the operational efficiency of local refineries.
“This summit is a vital step in our journey to not only meet domestic demand but also position Nigeria as a leading exporter of petroleum products,” said Mr. Momoh Jimah Oyarekhua, CORAN President. “We are excited to bring together industry experts, policymakers, and investors to collaboratively explore and address the challenges and opportunities that lie ahead.”
A key focus of the summit will be the creation of a stable and transparent regulatory framework that encourages investment, protects consumer interests, and promotes collaboration between regulatory authorities, crude oil producers, and refinery operators. Ensuring a steady supply of feedstock at competitive prices is crucial for supporting sustainable refining operations.
In response to the global shift towards cleaner energy and sustainable practices, the summit will also address the need for Nigeria to adopt advanced technologies, enhance local content, and align with global best practices. These strategies are essential for the country’s refineries to thrive in an evolving energy landscape and to achieve the goal of becoming a net exporter of petroleum products.
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“Our mission at CORAN is to empower Nigeria’s refinery sector to reach its full potential,” Oyarekhua added. “By fostering collaboration and innovation, we aim to transform challenges into opportunities, driving economic growth and energy independence for our nation.”
The Nigerian Crude Oil Refining Summit 2024 will feature keynote speeches, panel discussions, and networking opportunities with key stakeholders, including government officials, industry leaders, and international investors. Attendees will engage in in-depth discussions about the future of Nigeria’s refinery business and explore collaborative approaches to overcoming industry challenges.
CORAN remains dedicated to advancing the interests of Nigeria’s refinery owners and operators. The association advocates for policies that promote investment and growth in the oil refining sector, ensuring the industry’s sustainability and its contribution to Nigeria’s economic development.
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