KACHIKWU- NIGERIA WILL REFINE 900,000BPD OF CRUDE OIL THIS YEAR
Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu has said that regardless of any change in plans, Nigeria will be refining at least 900,000 barrels per day(bpd) of crude oil in the next 10 years.
In an interview with news men in Abuja, Kachikwu noted that the country is capable of this achievement with respect to the efforts made by the Federal Government to crude production and refining in the country.
He said the country will soon be producing 650,000bpd of crude oil from Dangote Petrochemical Refineries, and getting another 250,000 bcpd from 10 modular refineries in the Niger Delta region during that period.
The minister also stated that the modular refinery, which was a concept that was pushed in order to foster peace in the Niger-Delta region, is currently working successfully.
He said that three modular refineries are nearing production, while seven of the refineries are at the point of completing their Final Investment Destinations (FDIs) plans, adding that if those 10 refineries come on board in the next two to five years, they will be providing 250,000 bpd of oil.
He added, “This, when added to the output of Dangote Petrochemical Refineries, which is expected to refine 650,000 bpd, will bring the total refining capacity of Nigeria to 900,000 bpd. I tend to look at the refineries from the perspective of the volumes they are producing, not physical assets”.
According to Kachikwu, the refinery, is an export earner, and Nigeria needs to be able to supply product to meet the needs of countries in West Africa, East Africa and Southern Africa.
He said he also made efforts to increase the country’s crude output, by holding a discourse with countries in the Gulf region such as Saudi Arabia, Qatar and China on how to refine crude oil for Nigeria.
He added that he also tried to see whether they would be interested in coming in both for the purpose of building refinery plants for Greenfield and Brownfield projects and the response has been positive.
Nigeria, he said, is at the verge of signing a Memorandum of Understanding (MoU) with South Africa, which will cover refineries, as well as construction of pipelines and Liquefied Natural Gas (NLG) investment.