We are seeking financing not concession or sale-Ibe Kachukwu

The Minister of States for Petroleum Resources, Dr. Ibe Kachukwu revealed that the ministry is seeking financing of the refineries to upgrade and enhance the refineries so as to get back to full 100 percent capacity of production not concession or sale of the refineries as reported by some section of the media.
The made this known during the monthly podcast on the state of the refineries in Abuja, adding that Nigeria will stop importation of petroleum products come 2019 when all things are put in place in terms of the state of the refineries and production capacity.
But he maintained that 2019 will be a reality if all and sundry work together to achieve the 2019 target.
“When we achieve 100 per cent of refineries capacity, we will save foreign exchange, provide labour and stability the market in term of pricing and production. When the refineries are not working at 100 percent capacity, there will be lots of job losses,” he said.
“30 percent of the foreign exchange provided by the Central Bank of Nigeria (CBN), about 23 percent goes to the petroleum sector. We seek for the support of the National Assembly to get the policy framework as any delay by the regulatory authorities will create problem in meeting the 2019 target of exiting importation of the petroleum products,” he added.
Dr. Kachukwu also stated that ministry will support those greenfield refinery builders so also to work with those who have modular refineries and individuals who have co-refinery ownership intention.
“There has been ongoing activities at the Ministry of Petroleum Resources, Nigeria to ensure that Nigeria ends the unsavory practice of products importation by 2019. Our commitment and unquenchable effort to fully implement the refinery initiative of the #7BigWins, will bring a complete closure to petroleum products importation”.
“Despite the various challenges in the downstream petroleum sector in Nigeria, we have made significant successes and there are necessary interventions needed. The long term plan will ideally ensure that the pricing governance structure becomes cost based with full cost recovery required to unlock sector challenges, reduce Nigerian National Petroleum Corporation’s profile in the downstream sector and effectively embrace a realistic LPG based solution.”
“There is a firm determination to achieve the aspirations of the second component of the #7BigWins which aims to optimally increase local production capacity, reduce importation of petroleum products and position Nigeria to become a net exporter of petroleum products and value added petrochemicals,” he stated further
“Everyone has a role to play even as we collaboratively work and maintain engagement with key stakeholders in the oil and gas value chain, marketers and operators, organised labour unions, civil society organizations and media. We believe that these objectives will be met as we intentionally keep the resolve to continue to work assiduously with your support.”


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