Oil firms to refine 20% of oil output locally – Kachikwu

The Federal Government is considering a policy that will compel operators of major oil and gas exploration and production firms to refine 20 per cent of their oil production in-country, the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has said.

Kachikwu gave the hint at the groundbreaking ceremony of the 5,000 barrels of oil per day (bopd) modular refinery being developed by Waltersmith Refining and Petrochemical Company at Ibigwe field, Ohaji-Egbema Local Government Area of Imo State.

The minister said the Federal Government would soon announce a policy to require operating companies to refine locally at least 20 per cent of the crude oil they produce, with the percentage graduating to 50 per cent in the next five years.

Source: The Nation

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