NNPC says banks are set to fund rehabilitation of ailing refineries


Outgoing Group managing director of the Nigerian National petroleum corporation Maikanti Baru says financial institutions have expressed readiness to fund the rehabilitation of the nation’s ailing refineries.

The GMD was speaking after being inducted as a fellow of the Nigerian academy of engineering in Lagos.

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There are currently five refineries in Nigeria, of which four plants are owned by the Nigerian government through the Nigerian National petroleum corporation, while the fifth is owned and operated by Niger delta petroleum resources.

The refineries located in Kaduna, Port Harcourt and Warri, have an installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity for many years.

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Mister Baru says lack of funding by previous administrations have kept the refineries at its present state.

The NNPC boss adds that a detailed bankable study will be ready in October and afterwards the corporation will approach the capital market for further support for the rehabilitation of the refineries.

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