For a country that its total debt profile has risen to N24.387t, where subsidy for imported petrol stood at N10t between 2006 and 2018, and where the number of poor Nigerians stands at 91 million, while unemployment figure settles at 20.9 million, the Federal Government is only rubbing salt in the wound if yearly losses…

The Federal Government yesterday laid the foundation of the first gold refinery in Mowe, Ogun State, to enhance the country’s sustainable economic growth. Minister of State for Mines and Steel Development, Abubakar Bwari, who performed the ceremony in Mowe, said government and promoters of the refinery identified gold as a strategic commodity. Bwari commended the…

Operators in the downstream and mid-stream segments of the petroleum industry have urged the Federal Government to proceed with the privatisation of the nation’s refineries to make them profitable again.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, at the weekend said two modular refineries would be commissioned in Delta and Rivers states in December. Speaking at the 2018 graduation of the Petroleum Training Institute (PTI) Effurun, he added that government had issued licences for 38 of the facilities currently at different stages…

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday performed the ground breaking of a 5,000 barrel per day (bpd) capacity modular refinery at Ibegwe Flow Station in Ohaji Local Council of Imo State to boost local content and enhance production of petroleum products. According to him, the facility is to commence production…

The Movement for the Actualisation of the Sovereign State of Biafra (MASSOB) has faulted the plan of President Muhammadu Buhari-led Federal Government to build a modern refinery in his home state of Katsina. It described the plan as insensitivity and callousness. The group, which further said Biafra struggle had reached the point of no return,…

The Federal Government has reached an agreement with Niger Republic to build a new refinery in the border town between the Republic of Niger and Kastina State, the Ministry of Petroleum Resources has said. The technical agreement, which is to be signed soon, would include building of crude oil pipeline from Niger to the new…

General Muhammadu Buhari sold a dummy to Nigerians in 2015 at his electioneering when he promised to build more refineries and fix the old ones if elected the President of Nigeria in the next four years. Three critical years of his mandatory four years in office have been wasted on revitalizing his troubled health. He…

One of the major challenges we face is access to funds, the local banks do not possess the capacity to fund refinery projects, and even if they do, they do not have a risk management team that can effectively evaluate this sector.

Iran currently produces almost 64 million litres (16.9 million gallons) of petroleum a day and imports 12 million litres to meet domestic demand.

Global petrochemical industry is expected to spend around $201.3 billion by 2020 on different future projects.

The Nigerian National Petroleum Corporation (NNPC) says it will reduce petroleum products importation by boosting the capacity utilisation of local refineries to 60 per cent by the end of 2017.