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


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