Nigerian National Petroleum Corporation (NNPC) said it is currently considering equity participation in some private refineries across the country.
NNPC said on Monday that it was in line with a Federal Government’s policy directive which stipulated the mandatory participation of the corporation in any privately-owned refinery that exceeded 50,000 barrels per day capacity.
According to the report, it was learnt that the directives enable the corporation to brace its statutory role of safeguarding national energy security.
The corporation stated that it had identified at least six refinery projects in which it had plans to seek equity participation.
It said five of them were at the development stage with the Dangote Refinery being the largest of them all.
A statement released by the Corporation stated that NNPC, as the national oil company of Nigeria primarily had a dual role of providing stewardship for the nation’s hydrocarbon resources.
The corporation also had the role of adding value to the country’s resources for the advantage of all Nigerians and other stakeholders by stimulating the nation’s economic development and growth.
The corporation said the move to seek equity participation in the private refineries would not undercut its commitment to the rehabilitation of its own refineries and strengthen the domestic refining sector.
The general aim of the corporation was to boost the nation’s refining capacity with a view to becoming a net exporter of petroleum products at a minimum time frame, thereby boosting the nation’s economy.
by our reporter.