GE to assist in Nigeria’s refineries’ rehabilitation
General Electric (GE) has said that it would be assisting the Federal Government in the revitalisation of the country’s ailing refineries.
The President and Chief Executive Officer of GE’s Grid Solutions/Energy Connections, Africa, Dr. Lazarus Angbazo, told journalists in Lagos recently, that the company is still waiting for the Nigerian National Petroleum Corporation (NNPC) on the areas in which its intervention is required in the revitalisation of the country’s ailing refineries.
Angbazo said that the resuscitation of the refineries would enable Nigeria become self-sufficient in petroleum production, adding that the company would not hesitate in helping the country to meet the 2019 target to halt importation petroleum products.
He also reiterated the company’s commitment to ensuring the realisation of 10,000 megawatts of incremental power in Nigeria, in line with the power Memorandum of Understanding (MoU) signed with the federal government in March 2012.
Angbazo explained that GE did not commit to invest $10 billion in the power MoU signed at the Nigerian High Commission in London in March 2012, but to collaborate with government and other investors, as well as project sponsors, to deliver 10,000MW of incremental power.
“Some people translated that into $10 billion. Now, could it be $10 billion? It could be more but we don’t talk in terms of $10 billion; we talk in terms of actual output because we have seen projects where 1,000MW has cost this country more than $2 billion,” he said.