It’s in process of establishing two new refineries -NNPC

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The Nigerian National Petroleum Corporation has said it is in the process of establishing two new 200 , 000 barrels – per – day condensate refineries to boost in – country refining capacity.

Unlike the conventional refineries , condensate refineries primarily refine condensate , not crude oil.

They often produce one product , mostly Premium Motor Spirit, popularly known as petrol .

The NNPC’ s Group Managing Director , Mele Kyari , disclosed this in a statement issued by the oil firm in Abuja on Monday , adding that upon completion , the refineries would help transform Nigeria into a net exporter of petroleum products .

He said the exportation of petroleum products from the condensate refineries would be achieved together with the 445 , 000 bpd capacity of the existing refineries being refurbished, and the 650 , 000 bpd Dangote refinery .

Kyari said these complementary efforts by the NNPC and the Dangote Group would guarantee energy security for Nigeria .

He also stated that the national oil company was not in contest with the Dangote refinery for market share ; rather it would provide support for the project to boost in- country refining capacity.

The NNPC boss said , “Our objective is to make Nigeria a net exporter of petroleum products and you can only achieve that by complementing each other , both the public and the private sector .

“ We are going to do more and we actually need more of these private sector refineries for Nigeria to become a net exporter of gasoline (petrol ) and other associated products . ”

The statement also said that the Federal Government pledged to support the 650 , 000 bpd capacity from the Dangote Refinery and Petrochemicals plant with crude oil feedstock and other necessary inputs.

The Minister of State for Petroleum Resources , Timipre Sylva , said the refinery would attract more Foreign Direct Investment into Nigeria upon completion .

Dangote Group has also indicated its plans to export petroleum products from its refinery to Europe , South America , West Africa and Central Africa .

Its Executive Director, Strategy , Capital Projects and Portfolio Development , Devakumar Edwin, said products from the refinery being built in Lagos could be marketed anywhere in the world .

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