Nigeria to revamp refineries in July

LAGOS, June 4, 2018 – Refinery overhauls are set to begin next month now that the financial arrangements have been completed, Nigerian Minister of State for Petroleum Ibe Kachikwu announced over the weekend.

“On local production capacity and local consumption we are in an era where public sector funds are no longer used for refinery turn around maintenance,” the minister tweeted. “We are looking forward to completing the process by July 2018.”

The presidents of Nigeria and Niger are set to sign an MoU on the construction of a new refinery on the border between the countries, the minister also said.

Nigeria has four state-run refineries with a total processing capacity of 445,000 bpd. Utilisation rates peaked in 2002 at 60% and have fallen well below that, hitting 6.1% as of September 2017.

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