NNPC may sell refineries that don’t meet ultimatum on rehabilitation – GMD

The Group Managing Director of NNPC, Ibe Kachiukwu says there are plans by the oil corporation to sell off refineries that do not meet up the deadline for their rehabilitation. Kachiuwku made the disclosure while speaking to newsmen in Lagos recently "By the end of December when the 90-day ultimatum will expire, any refinery that does not work optimally will be sold. I am determined to make a difference during my tenure.

We are losing N2.2 trillion monthly to refinery inefficiency. As at today, the average refining performance is 30 per cent. If by December, the refineries don’t work, I will export crude allocation and import refined petroleum products until we fix the refineries. Right now, the Port Harcourt refinery is showing signs that it will meet the December deadline. However, I am not saying Warri and Kaduna refineries will not meet the deadline, but I hope they all make it, so that we can continue to utilise our crude allocation to boost domestic refining.’’he said