Nigeria’s state owned oil refineries to be sold off

Nigeria’s state owned oil refineries to be sold off

The Nigerian Minister of Petroleum Resources, Diezani Alison-Madueke, has revealed that the Federal Government is planning to sell off the state owned oil refineries before the end of the first quarter of 2014. The Minister made the disclosure during an interview on Bloomberg TV Africa. She admitted that the government has not done a good job of running major infrastructure entities, adding “we would like to see major infrastructural entities such as refineries moving out of government hands into the private sector.”
“We are right now undergoing a major turnaround maintenance programme” of the refineries, Alison-Madueke said.

Port Harcourt is the first to undergo the rehabilitation programme and then Kaduna and then Warri will follow. Port Harcourt is the largest of the three refineries with a processing capacity of 210,000 barrels while Warri is next with a capacity of 125,000 and Kaduna can process 110,000 barrels.

Oil and Gas Press

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