The country’s
three refineries in Warri, Port Harcourt and Kaduna are not up for concession
or privatisation, as there is no plan to do so, the Federal Government has
said.
The Minister of
State for Petroleum Resources, Dr. Ibe Kachikwu, said this when he received
members of the House of Representatives Committee on Petroleum, (Upstream), who
were on an oversight visit to the ministry yesterday.
Kachikwu said the
government was working hard to bring in private investment capital to
strengthen the plants in order to boost the nation’s local refining capacity.
According to a
statement issued by the Director of Press, Federal Ministry of Petroleum
Resources, Idang Alibi, the minister also explained that for the purpose of
efficient management of the refineries, the Federal Government would hands-off
the plants financially.
According to him,
prospective private investors will bring in their money, take part in managing
the refineries and from there, they will recoup their investments.
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