NNPC set to acquire stakes in six private refineries

The government's policy stipulates the mandatory participation of the NNPC in any privately-owned refinery that exceeds 50,000 barrels per day capacity.

The Nigerian National Petroleum Corporation (NNPC) says it is considering equity participation in six private refineries in the country.

The NNPC said this in a statement by its Group General Manager, Group Public Affairs Division, Kennie Obateru, on Monday.

The corporation said the move is in line with the federal government’s policy directive, which stipulates the mandatory participation of the corporation in any privately-owned refinery that exceeds 50,000 barrels per day capacity.

The directive enables the corporation to uphold its statutory role of safeguarding national energy security.

The statement said that the corporation had identified at least six refinery projects in which it intended to seek equity participation.

“Five of them are at the development stage with the Dangote Refinery being the largest of them.

“NNPC has a dual role of providing stewardship for the nation’s hydrocarbon resources and adding value to the resources for the benefit of all Nigerians and other stakeholders,” Mr Obateru said in the statement.

He said these roles enable it to achieve the twin objectives of providing energy security for the country and stimulating the nation’s economic development and growth.