FG sets 3yr deadline to reduce equity in NNPC’s refineries

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The federal government has disclosed that it would in the next three years, tactically cut down its overall equity share in the three oil refineries operated by the Nigerian National Petroleum Corporation (NNPC), ThisDay reports.

The government stated this in the new Economic Recovery and Growth Plan (ERGP) document, which President Muhammadu Buhari, recently launched in Abuja to aid Nigeria’s recovery from economic recession. According to it, far-reaching reforms would be initiated in the country’s oil and gas industry, especially in line with the ‘7 Big Wins’ roadmap that was earlier initiated by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and also launched by Buhari.

It said it would: “Strategically reduce government equity in NNPC refineries and other downstream subsidiaries such as pipelines and depots, conclude downstream liberalisation, implement new business models for refineries, revamp refineries to increase capacity utilisation, encourage private-sector participation through co-location and JV arrangements, and work with the National Assembly to ensure passage of the PIB (Petroleum Industry Bill).”