The Minister of Works, Mr Mike Onolememen, has said that part of the
benefits that would accrue to Nigerians from the withdrawal of fuel
subsidy is the building of three new refineries.
The minister, who spoke at the News Agency of Nigeria (NAN) forum in
Abuja, on Sunday, said this would help Nigeria to process its crude and
meet local consumption.
“Nigerians should know that this oil resource which has been given to
this country over the years has not been properly managed. We have
another opportunity to get it right.
“Niger Republic and so many of our neighbouring countries are
building refineries around us with the intention to sell to Nigeria and
with this deregulation policy, one of the major gains will be the
building of three new refineries.
“I want Nigerians to know that when these new refineries are
completed, we will be a net exporter of petroleum products and prices
will begin to come down, just like we are witnessing in the
telecommunications sector with the GSM regime,” he said.
The minister said the refineries would be located in Lagos, Bayelsa and Kogi states.
“The one in Lagos is with the capacity of 200,000 barrels per day,
while the ones in Kogi and Bayelsa have the capacity to produce 100,000
barrels per day,’’ Onolememen said.
He added that what would be produced by these new refineries would
complement the production by existing refineries which would all have
had their ongoing turnaround maintenance completed.
“The turnaround maintenance will bring the production capacity of the
existing four refineries to between 90 per cent and 95 per cent.’’
Onolememen expressed confidence that the increased level of
production would enhance Nigeria’s status as a net exporter of petroleum
products.
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