NNPC to build two new refineries

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The Nigerian National Petroleum Corporation hasrevealed that it is in the process of establishing two new 200,000 barrels-per-day condensate refineries to boost in-country refining capacity.

The condensate refineries primarily refine condensate, not crude oil and often produce one product, mostly Premium Motor Spirit, popularly known as petrol.

This was disclosed in a statement by the NNPC’s Group Managing Director, Mele Kyari in Abuja on Monday.

Kyari said that upon completion, the refineries would help transform Nigeria into a net exporter of petroleum products.

He said the exportation of petroleum products from the condensate refineries would be achieved together with the 445,000bpd capacity of the existing refineries being refurbished, and the 650,000bpd Dangote refinery.

Kyari said these complementary efforts by the NNPC and the Dangote Group would guarantee energy security for Nigeria.

He also stated that the national oil company was not in contest with the Dangote refinery for market share; rather it would provide support for the project to boost in-country refining capacity.

The NNPC boss said, “Our objective is to make Nigeria a net exporter of petroleum products and you can only achieve that by complementing each other, both the public and the private sector.

“We are going to do more and we actually need more of these private sector refineries for Nigeria to become a net exporter of gasoline (petrol) and other associated products.”

The statement also said that the Federal Government pledged to support the 650,000 bpd capacity from the Dangote Refinery and Petrochemicals plant with crude oil feedstock and other necessary inputs.

Meanwhile, the Minister of State for Petroleum Resources, Timipre Sylva, said the refinery would attract more Foreign Direct Investment into Nigeria upon completion.




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