The Federal Government will announce the private investors for the country’s refineries in the coming March, the Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, said on Monday.
The minister made this known while speaking at a session during the ongoing Nigerian International Petroleum Summit (NIPS).
According to him, the government was also considering a policy that would compel multinational oil and gas firms operating in the company to build refineries in Nigeria.
The minister said, by that time, international oil firms would no longer be allowed to ship out all the crude oil they produced in Nigeria.
The minister noted that emphasis would shift to local production of substantial portion of the crude oil produced in the country.
His words: “We would get to a point where Nigeria, definitely, would be a major supplier of refined petroleum products. It just has to happen. Nothing else makes sense.”
“We are also saying directly to oil companies that a time would also come when we would not be open to see them move around all the crude oil they produce in Nigeria.
“We will like to see integrated refining and integrated processing here. It gives us more jobs and creates more investment.”