The Nigerian government says it will withdraw refinery licences that have remained idle in the hands of private investors.
Minister of State for Petroleum Resources, Ibe Kachikwu, made this known on the sidelines of the ongoing annual Offshore Technology Conference.
Kachikwu presented the issue before the Department of Petroleum Resources, whose functions include processing application for various licenses, permits and approvals across the oil and gas value chain.
The aim of giving licenses is to reduce huge capital flight to fuel importation, meet local demand and possible exports and the review is vital as the nation’s existing refineries are inadequate to meet the national daily demand.
