government is working to reduce the price
of petroleum products by encouraging and working
with private refineries and reducing importation.
Osinbajo, who is in the UK to sign the Nigeria-UK
solar energy agreement,told Bloomberg in an interview...
"We are going to be unbundling the NNPC so
that its various components are effective core
centres and are able to do their business well.
We are going to have private refineries at
the site of the old refineries, so they can
benefit from the available infrastructure. So,
we think that in the medium term, we would be able
to get cheaper pump price, pump price of oil
would be cheaper because we would be importing
far less refined petroleum. A lot of that will
be produced locally.
“Now, we have well over 30 modular refineries
licences, so we think a lot of modular refineries
would come. Many of them, their major concern is
feed stock, are we going to be guaranteed feed stock?
We are working on that. Once we are able to deal
with that, we feel we would substantially be able
to reduce pump price and get the whole business
of importation of refined petroleum and the NNPC
just getting directly involved in business; we are
going to reduce that. The objective is to make the
NNPC play more regulatory function.
“They are options that are always there. But we
think that there are ways we can raise our own
potion of contribution to the Joint Ventures. It will
only be a last resort and we have not come
anywhere near that.” Osinbajo said.
that its various components are effective core
centres and are able to do their business well.
We are going to have private refineries at
the site of the old refineries, so they can
benefit from the available infrastructure. So,
we think that in the medium term, we would be able
to get cheaper pump price, pump price of oil
would be cheaper because we would be importing
far less refined petroleum. A lot of that will
be produced locally.
“Now, we have well over 30 modular refineries
licences, so we think a lot of modular refineries
would come. Many of them, their major concern is
feed stock, are we going to be guaranteed feed stock?
We are working on that. Once we are able to deal
with that, we feel we would substantially be able
to reduce pump price and get the whole business
of importation of refined petroleum and the NNPC
just getting directly involved in business; we are
going to reduce that. The objective is to make the
NNPC play more regulatory function.
“They are options that are always there. But we
think that there are ways we can raise our own
potion of contribution to the Joint Ventures. It will
only be a last resort and we have not come
anywhere near that.” Osinbajo said.
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