The Nigerian National Petroleum Corporation (NNPC) says it may sell refineries that fail to work optimally by the expiration of the 90-day ultimatum for their rehabilitation.
Dr. Ibe Kachikwu, the NNPC
Group Managing Director, disclosed this at an interactive session with news men
in Lagos.
Kachikwu said: ``By the
end of December when the 90-day ultimatum will expire, any refinery that does
not work optimally will be sold.
``I am determined to make
a difference during my tenure. We are losing N2.2 trillion monthly to refinery
inefficiency. As at today, the average refining performance is 30 per cent.
``If by December, the
refineries don’t work, I will export crude allocation and import refined
petroleum products until we fix the refineries.
``Right now, the Port
Harcourt refinery is showing signs that it will meet the December deadline.
``However, I am not
saying Warri and Kaduna refineries will not meet the deadline, but I hope they
all make it, so that we can continue to utilise our crude allocation to boost
domestic refining.’’
Kachikwu expressed the
hope that the NNPC cash call arrears, which stood at N1.1 trillion, would be
settled by the end of December 2015.
``By December, I hope to
settle all the cash call arrears and grow Nigerian Petroleum Development
Corporation (NPDC) to where it is supposed to be,’’ he said.(NAN)
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