NNPC moves for equity in six private refineries

The Nigerian National Petroleum Corporation (NNPC), yesterday, said there was no going back on acquiring equity in six private refineries being built in the country.

The state oil firm said getting stakes in them was key to national energy security.

The corporation’s spokesman, Kennie Obateru, in a statement, submitted that the move was in line with Federal Government’s policy direction.

According to him, the directive stipulates the mandatory participation of NNPC in any privately-owned refinery that exceeds 50,000 barrels per day capacity in keeping with its statutory role of safeguarding national energy security.

“In this regard, the corporation has identified at least six refinery projects in which it intends to seek equity participation, five of them are at the development stage, with the Dangote Refinery being the largest of them,” he said.

Obateru explained that the corporation, being a national oil company, primarily has a dual role of providing stewardship for the country’s hydrocarbon resources and adding value to the resources for the benefit of Nigerians and other stakeholders.