Nigeria’s Minister of State for Petroleum Resources, Ibe Kachikwu has urged international oil companies to invest in building refineries in the country.
This is coming as Eni, an international oil giant, signs Memorandum of Understanding with the Nigerian National Petroleum Corporation to refurbish the Port Harcourt Refinery as well as to build a power plant.
Speaking at a presentation to top executives of Eni in Rome, Kachikwu enjoined the group to move beyond just the business of crude exploration to firmly support the vision of enhancing local production of petroleum products in Nigeria.
According to the minister, the country’s heavy dependence on product importation creates instability in supply and prices.
