Monday, 7 December 2015

FG to Grant Refineries Semi-operational Autonomy

The federal government yesterday disclosed that it was working out a new operational model with which Nigeria’s four refineries would run starting from 2016.

The government, through the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, stated that under the new arrangement, the refineries would operate as semi-autonomous business entities, buying and refining petroleum products and making remittances to the government coffers.

A statement from the Group General Manager, Public Affairs, Nigerian National Petroleum Corporation (NNPC), Ohi Alegbe, in Abuja, quoted Kachikwu to have told Nigerians in Vienna, Austria, that the new plan would begin to yield good results within the next 24 months.

Kachikwu had earlier given the refineries a 90-day fast track ultimatum which is expected to lapse by this December, he however noted that from available reports, two of the refineries are likely to meet the deadline.

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