Why NNPC is considering equity in Dangote refinery, others

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The is considering equity participation in some refineries in line with a Federal Government’s policy directive which stipulates the mandatory participation of the corporation in any refinery exceeds 50,000 barrels per day capacity in keeping with its statutory role of safeguarding national energy .

In this regard, the Corporation has identified at least six refinery in which it intends to seek equity participation, five of them are at the development stage with the Dangote Refinery being the largest of them.

In a , the corporation’s spokesperson, Dr. Kennie Obateru, explained NNPC has a dual role of providing stewardship for the hydrocarbon and adding value to the for the benefit of Nigerians and other stakeholders.

These roles enable it to achieve the twin objectives of providing energy for the country and stimulating the nation’s economic development and growth.

He said NNPC’s strategic objective to ensure energy and stimulate economic growth with limited requires it to consider strategic partnerships with competent investors in sectors of the and gas value chain especially where it operates a sole risk basis.

The sector is one of such segments where NNPC is revisiting its strategy to strengthen domestic refining capacity and guarantee National Energy Security.

The new vision is to grow domestic refining capacity, petroleum supply from our local refineries and become a net exporter of petroleum .

The corporation assures the move to seek equity participation in the refineries would not undercut its commitment to the rehabilitation of its own refineries and strengthen the domestic refining sector, stressing that the goal is to boost the nation’s refining capacity to become a net exporter of petroleum in the soonest possible time and boosting the economy.