The Minister of State for Petroleum, Dr. Ibe Kachikwu, on Friday disclosed that the much-awaited overhaul of the country’s refineries would become a reality next month.
This is just as plans have been concluded to complete necessary arrangement with financial, Nigerian Guardian reports.
The minister also noted that President Muhammadu Buhari and the President of Niger Republic, Mahamadou Issoufu, would in the coming weeks sign a Memorandum of Understanding (MoU) for the construction of a new refinery to be located in a border town between both countries and close to Katsina State.
He further stressed that there was no going back on government’s commitment to end environmental challenges in the oil-producing region, especially the need to bring an end to gas flaring in the next two years.
On Nigeria/Niger Relations:
— EIK (@IbeKachikwu) May 31, 2018
Speaking on Nigeria/Niger Relations in a flurry of tweets via his Twitter account @ibekachikwu, the minister said: “The refinery talks are at advanced stages. We expect the two Presidents to meet soon for the joint signing of the MoU.
“On local production capacity and local consumption we are in an era where public sector funds are no longer used for refinery Turn Around Maintenance (TAM).
“We are looking forward to completing the process by July 2018.”
He said government would put policies in place to fast-track private sector involvement in the downstream sector, as nameplate capacity utilisation of existing refineries would still not ensure 100 per cent consumption availability.