Nigeria needs $6bn to fix refineries, says NNPC

Chemical factory

The Nigerian National Petroleum Corporation says about $6bn worth of investment is needed to adequately rehabilitate and revamp the country’s refineries.

The Group Managing Director, NNPC, Maikanti Baru, disclosed this as he unveiled the investment opportunities in the oil and gas sector at the ongoing Offshore Technology Conference taking place in Houston, Texas.

Baru said the plan of the national oil firm was to upgrade the combined capacity of the refineries to 700,000 barrels per day.

The refineries located in Port Harcourt, Warri and Kaduna have a combined nameplate crude oil refining capacity of 445,000bpd, but currently refine far below that.

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