The Nigerian Minister of State for Petroleum, Ibe Kachikwu, announced that the federal government will disclose the new investors that will be managing the state-owned refineries Port Harcourt Refining Company (PHRC), Warri Refining and Petrochemicals Company (WRPC), and Kaduna Refining and Petrochemicals Company (KRPC) in September 2017, This Day Live reported.
The minister stated, “When we came on-board, the refineries were not working, but as we speak, we have sizeable investment portfolio for them to an extent that we don’t know who to partner with for the investment. By September, we will unveil the investors for the refineries.”
According to Nigeria TVC News, Kachikwu noted that the new investors are expected to repair, revamp and maintain the refineries. However, he admitted that when completely repaired, the refineries will not satisfy the country’s consumption need.
In his statement, he added that Dangote’s refinery and modular refineries will fill the gap when the refineries failed to meet the country’s needs.