NNPC May Sell Refineries That Don't Meet Ultimatum On Rehabilitation – Kachikwu

BEVERLY HILLS, September 26, (THEWILL) – The Nigerian National Petroleum Corporation (NNPC) says it may sell refineries that fail to work optimally by the expiration of the 90-day ultimatum for their rehabilitation.

Dr Ibe Kachikwu, the NNPC Group Managing Director, disclosed this at an interactive session with journalists in Lagos.

Kachikwu said, “By the end of December when the 90-day ultimatum will expire, any refinery that does not work optimally will be sold. I am determined to make a difference during my tenure. We are losing N2.2 trillion monthly to refinery inefficiency. As at today, the average refining performance is 30 per cent.

“If by December, the refineries don't work, I will export crude allocation and import refined petroleum products until we fix the refineries.

“Right now, the Port Harcourt refinery is showing signs that it will meet the December deadline.

“However, I am not saying Warri and Kaduna refineries will not meet the deadline, but I hope they all make it, so that we can continue to utilise our crude allocation to boost domestic refining.''

Kachikwu expressed the hope that the NNPC cash call arrears, which stood at N1.1 trillion, would be settled by the end of December 2015.

“By December, I hope to settle all the cash call arrears and grow Nigerian Petroleum Development Corporation (NPDC) to where it is supposed to be,'' he said.

NAN.