BusinessNewsOil & GasFG Can’t Run Refineries — Osinbanjo

Nigeria Vice President, Yemi Osinbajo, has said handing the refineries over to the federal government won’t solve any of the problems.

Osinbajo said the federal government has nothing to do with the refineries in the country as it is strictly the business of the private sector.

He also disclosed that 6 oil refineries are near completion in Edo, Imo, Rivers, Delta, Lagos and will soon commence operations.

“If the refinery is left in the hands of the government, it will continue to experience the same problem it is experiencing now. I do not think that it is the business of the government to run the refinery. It should be the business of the private sector, which is why we are trying to focus on assisting the private sector to develop modular refineries.

“There is a 100,000 barrels per day capacity refinery about to come on stream and we hope it will by the next year. It is completely private and closely located near the Port Harcourt refinery so that it can share the facilities of the Port Harcourt refinery. We are hopeful it will come on stream in the first quarter of next year.

“There are also six modular refineries that are almost ready. There is a Niger Delta Petroleum refinery in Delta state, there is another one in Imo, there is also another modular refinery in Edo state.

“We engaged the oil-producing communities to find a new vision for the Niger Delta and we tried to encourage modular refinery that will give the people in the oil-producing states a stake so that the modular refinery is not just private but the people there have some stake and equity.

“The whole idea is to support as many private refineries as possible. We are also waiting for the Dangote Refinery with 250,000 barrels capacity which is bigger than all of the government refineries put together,” he said.

• About
• Latest Posts

Beloved John (Staff Writer)

Writer and reporter-researcher, John Beloved is a self-motivated and creative Journalist with a commitment to quality writing and investigation. She accumulatedher professional skills and experience working for over 3 years as a content creatior and communication management. She holds a B.Sc. Education (Political Science) from the Obafemi Awolowo University, Nigeria.

Latest posts by Beloved John (Staff Writer) (see all)

• Breaking: Ohanaeze President General, George Obiozor, confirmed dead - December 28, 2022
• US to support NDLEA on improved intelligence gathering capacity - December 27, 2022
• Why diversified HIV/AIDS prevention tools matter for women - December 26, 2022