Indonesian engineering firm, PT Intim Perkasa, expressed an interest in building an oil refinery in Nigeria, Reuters reported.

The Head of Investor Relations of the firm, Adi Hartadi, gave the indication at a business meeting with the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, in Abuja, The Herald informed.

Hartadi disclosed that the proposed refinery would be located in Akwa Ibom State and would have a refining capacity of 10,000b/d.

Nigeria has been seeking investment in the sector to reduce reliance on imported oil products that consume a large portion of the OPEC member’s scarce foreign currency reserves. Its existing, ageing refineries produce hardly any fuel after years of neglect.

Nigeria currently has a refining capacity of 445,000b/d.

Baru said “We have embarked on an ambitious plan to fast-track programs to restore our capacity utilization from 30% to a minimum of 90% in the next 24 months.”

“To do that, we are working on securing financing from third parties, not just funding, but also technical expertise,” he added.