Nigeria’s minister of State for Petroleum Resources, Mr. Ibe Kachikwu, at the weekend, stated that the ongoing process of revamping the country’s existing refineries is almost concluded, Vanguard newspaper reports.
Speaking at the 2018 Oloibiri Lecture Series and Energy Forum, organized by the Society of Petroleum Engineers (SPE), Kachikwu disclosed that efforts aimed at improving the business environment in the petroleum industry, as stated in ‘Big Win 2’ in the ‘Seven Big Win’ document, has started to yield positive results.
According to him, the Federal Government has been able to attract investors into the entire petroleum industry value chain. He said, “Our assiduous refinery drive has resulted in an almost-concluded process that would stimulate the flow of private investments into the revamp of our three refineries.”
“Modular refineries have also successfully garnered traction, with already established modular refinery equipment on their way to the ports of Nigeria. Institutional investors are portraying confidence in the productive engagements we have had with the Niger Delta.”