The Minister of State for Petroleum Resources, Ibe Kachikwu, says exportation of Petroleum and Petrochemical products is expected to commence in the next four year in Nigeria.
Mr Kachikwu, who is also the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), made the statement while explaining his plans for the oil sector. According to him, there are plans in place to bring Dangote’s private refinery on board and majorly to co-locate new refineries within the already existing refineries in Kaduna, Warri and Port Harcourt.
“We have advertised recently for co-located refineries and asking people to come and co-locate new refineries into our refineries’ premises so that they can share pipelines, tankages.”
The petroleum minister noted that it would take about three years to co-locate refineries and begin production and that if all goes as planned, Nigeria would produce more than it needs and begin exporting.
“We are working hard to see that we can complete whatever refinery upgrade we are trying to do within the next 12 to 18 months and obviously for the co-located refineries which are the new ones, targeting to see that we are able to finish within two to three years.”
“If we do that, obviously we will have excess production capacity for refined products and bear in mind that obviously Dangote is also bringing in its refinery which probably is hitting up about 2019/2020.
“At that point, we begin to look at export market and that really is what we should be doing given the sort of behaviour of oil prices today.”
Kachikwu added that importation of refined petroleum and petrochemical products does not portray Nigeria in a good light, and does not create jobs either, rather the Nigerian government loses taxes while the citizens suffer emotional and physical turmoil due to fuel scarcity.