For­eign in­vestors ex­press­ing in­ter­est in Port Har­court, Warri, Kaduna re­finer­ies – NNPC

Business a.m. - - NEWS - busi­ness a.m.

THE NIGE­RIAN NA­TIONAL PETRO LEUM CORPORA TION (NNPC) says some of the fi­nanc­ing com­pa­nies it ap­proached to re­vamp the coun­try’s re­finer­ies have shown in­ter­est in three re­finer­ies, in­clud­ing Port Har­court, Warri and Kaduna.

Ndu Ughamadu, NNPC group gen­eral man­ager, group pub­lic af­fairs divi­sion, dis­closed this in an in­ter­view with the News Agency of Nige­ria (NAN) Fri­day in Abuja.

He said that a team of engi­neers from the cor­po­ra­tion had gone abroad to source for fi­nanciers to re­vamp the ma­jor re­finer­ies in the coun­try.

“About three fi­nanc­ing com­pa­nies have in­di­cated in­ter­est but their names are yet to be made pub­lic but they have shown in­ter­est for Port Har­court, Warri and Kaduna re­finer­ies,” he said, adding that most of the fi­nanciers showed more in­ter­est for the Port Ha­court re­fin­ery.

“Ef­forts are on, our team of engi­neers are abroad, seek­ing fi­nanc­ing. What we want to do with re­finer­ies is to bring in fi­nanciers’ that will put in their money for re­ha­bil­i­ta­tion in­stead of the NNPC. By do­ing that, they will source their funds from what we pro­duce,’’ he said.

He re­as­sured that with the on­go­ing com­mit­ment, the pro­jected time­line of Ibe Kachikwu, the min­is­ter of state for petroleum re­sources, for the re­finer­ies to be up and running by 2019 would be achieved, par­tic­u­larly with the com­ing on stream of the Dan­gote Re­fin­ery.

Kachikwu had said the NNPC was ex­pected to sign agree­ments with third-party fi­nanciers and con­trac­tors for the re­vamp­ing of its 445,000-bar­rel per day (bpd) com­bined ca­pac­ity re­finer­ies in Kaduna, Warri and Port Har­court by Oc­to­ber.

He also stated that the pro­cesses to en­sure that the NNPC moves the com­bined pro­duc­tion ca­pac­i­ties of the re­finer­ies to 90 per­cent were largely con­cluded.

Ughamadu said the sign­ing of the agree­ments would soon fol­low.

L-R: Olu­wole Rawa, gen­eral man­ager, con­sumer mar­ket­ing, MTN Nige­ria; Dakore Eg­bu­son-Akande, Nol­ly­wood ac­tress; Rahul De, chief mar­ket­ing of­fi­cer, MTN Nige­ria: and Richard Iweanoge, gen­eral man­ager, brands and com­mu­ni­ca­tion, MTN Nige­ria, at the re­launch of MTN Xtravalue in La­gos re­cently.

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