FG Ready Sell Refinery If Better Partners Show Face – Official

Di Federal Government don talk say dem ready sell Nigeria state-owned refineries as part of di ongoing reforms wey go attract new investors, boost efficiency, and bring better competition for di petroleum downstream sector. Di Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, yarn dis one for Bloomberg TV during di Abu Dhabi International Petroleum Exhibition and Conference. She talk say government dey consider di option to comot hand from NNPC refineries if dem see correct technical and financial partners wey get di capital and experience to manage am well. According to her, di refineries don dey survive on government subsidy for years, but now wey subsidy don comot, di market don free and e go encourage private sector to join body.

Nigeria get four refineries, two for Port Harcourt, one for Warri and one for Kaduna wey fit refine 445,000 barrels per day, but dem never really work well for decades despite billions wey government don spend on turnaround maintenance. Di NNPC recently talk say dem don start dey find equity partners wey go help run di refineries to international standard, while Dangote Refinery for Lagos don already begin produce petrol and diesel wey fit even pass Nigeria local demand. Di government believe say if dem sell di refineries, e go open di oil sector for real competition and reduce dependence on Dangote alone. Verheijen still confirm say dem plan to later list NNPC for stock exchange to make am transparent and commercially strong, even though di Port Harcourt refinery rehabilitation still dey drag pass di 30-day schedule wey dem promise.