THERE are indications that the Federal Government will unveil new investors for the nation’s three refineries, Port Harcourt, Warri, and Kaduna, by end of September 2017.
This was disclosed on Wednesday by the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, during a world press conference on the sideline of the 2017 Offshore Technology Conference (OTC) in Houston, Texas.
The Minister however explained that the country has willing investment portfolio for the refineries noting that by September 2017, the investors would be made public.
According to him, “When we came onboard, the refineries were not working as expected but as we speak, we have sizeable investment portfolio for them to an extent that we don’t know who to partner with for the investment. By September, we will unveil the investors for the refineries.”
The new investors are expected to repair, revamp and maintain the refineries according to the terms and conditions of the contract.
Kachikwu however noted that when completely turnaround, the refineries will not satisfy the country’s consumption need. He said Dangote refineries are expected to make up with the shortfalls in supply.
The Port Harcourt Refining Company (PHRC) is 210,000 barrels per day complex conversion plant, which can produce Liquefied Petroleum Gas (LPG), Premium Motor Spirit (PMS), Dual Purpose Kerosene (DPK), Automative Gas Oil (AGO), Low Pour Fuel Oil (LPFO) and High Pour Fuel Oil (HPFO).
The Warri refinery is a 120,000 barrels per stream day plant capable of producing LPG, PMS, AGO, DPK, and Fuel Oil from a blend of Escravos and Ughelli crude oils.
and then