NNPC meets financiers abroad, negotiate over refineries

Top management officials of the Nigerian National Petroleum Corporation have met with financiers abroad to further negotiate terms for the proposed rehabilitation of the nation’s refineries. Nigeria’s four refineries have an installed capacity of 445,000 barrels per day but they have continued to operate far below the installed capacity for many years.

The Group General Manager, Group Public Affairs Division, NNPC, Ndu Ughamadu, stated that efforts were ongoing to revive the refineries, adding that top management staff of the corporation traveled abroad recently to negotiate with financiers. He said, “Efforts are on. The financiers have been approved and discussions are ongoing with them. But the local refineries, Port Harcourt and others, are operational. When they don’t have the supply of crude oil, they won’t operate at a given level. But now the systems are in a good place.”

“However, we are still negotiating with the financiers. If you have to put your money in an investment, there must be a series of discussions and negotiations because the financiers are bringing in the resources that we will use for the rehabilitation. That is the level we are in right now.” He added, “Also, the top management of the corporation went abroad two weeks ago to further discuss with the financiers. The financiers have been chosen by the board, but I don’t have the details right now.”

Source: The Punch

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