The country’s three refineries in Warri, Port Harcourt and Kaduna are not up for concession or privatisation, as there is no plan to do so, the Federal Government has said.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said this when he received members of the House of Representatives Committee on Petroleum, (Upstream), who were on an oversight visit to the ministry yesterday.
Kachikwu said the government was working hard to bring in private investment capital to strengthen the plants in order to boost the nation’s local refining capacity.
According to a statement issued by the Director of Press, Federal Ministry of Petroleum Resources, Idang Alibi, the minister also explained that for the purpose of efficient management of the refineries, the Federal Government would hands-off the plants financially.
According to him, prospective private investors will bring in their money, take part in managing the refineries and from there, they will recoup their investments.
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