Saturday, 26 September 2015

NNPC INDICATES READINESS TO OFFLOAD REFINERIES THAT FAIL TO MEET ULTIMATUM ON REHABILITATION

Dr. Emmanuel Ibe Kachikwu, GMD, NNPC
The Nigerian National Petroleum Corporation (NNPC) has announced its readiness to sell off refineries that fail to work optimally by the expiration of the 90-day ultimatum for their rehabilitation, Tectono Business Review gathered.

The Group Managing Director of NNPC, Dr. Emmanuel Ibe Kachikwu, made this development known at an interactive session with news men in Lagos.

In Dr. Kachikwu’s own words: “By the end of December when the 90-day ultimatum will expires, 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 percent.

“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.”

The NNPC boss communicated optimism that the NNPC cash call arrears, which stood at N1.1 trillion, would be settled by the end of December 2015.