There are indications that the Federal Government will sell two of its three crude oil refineries that are found to have become commercially unviable as part of measures to boost the nation’s refining sector, The Punch reports.
The two refineries likely to be sold, according to a report of the Nigerian National Petroleum Corporation are the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company. The NNPC said last week that the consolidated capacity utilisation of the three government-owned refineries dropped to 23.09 per cent in May, from 24.59 per cent in April. The third refinery being managed by the NNPC is the Port Harcourt Refining Company.
Although the Ministry of Petroleum Resources, in the new National Petroleum Policy approved by the Federal Executive Council, said the government aimed to make the refineries successful and commercially viable enterprises, it stressed that government was ready to sell any of them that failed to meet targets or respond promptly.