The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said that the state-owned refineries would get new investors in September, this year, The Sun reports.

Kachikwu made this known at a news conference on the sideline of the 2017 Offshore Technology Conference (OTC) in Houston, U.S. on Wednesday. The Minister explained that the country now had a sizeable willing investment portfolio for the refineries, adding that the new investors would be made public in September. “The new investors are expected to repair, revamp and maintain the refineries according to the terms and conditions of the contract,” he said. He also added that where the refineries fail to meet demand upon rehabilitation, Dangote’s and modular refineries would fill the gap.

He also said the Federal Government would revoke licenses given to individuals and corporate organisations for private refineries that were yet to be utilised. The Federal Government under former President Olusegun Obasanjo had granted licenses to some private concerns to build refineries but so far only Alhaji Aliko Dangote has put his to use. Kachikwu said; “I have spoken with DPR on the matter. Those who have not been able to move forward will have their licenses withdrawn.” He said the aim of giving licenses was to reduce the huge capital flight to fuel importation, meet local demand and look at possible exports.