Nigeria’s NNPC May Sell Off All Refineries as Repairs Become “Complicated”
In a shocking admission that could reshape Nigeria’s energy landscape, the Group Chief Executive Officer of Nigeria National Petroleum Corporation Limited (NNPCL), Bayo Ojulari, has revealed that the government is seriously considering the outright sale of all three major refineries in Kaduna, Warri, and Port Harcourt.
Speaking in an exclusive interview with Bloomberg in Vienna, Austria, Ojulari disclosed that ongoing repair efforts have become increasingly complicated, forcing the corporation to explore all available options.
“What we’re saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now,” Ojulari stated.
The NNPCL chief explained that despite significant investments over recent years and the introduction of new technologies, the corporation has faced unexpected challenges. “Some of those technologies have not worked as we expected so far. But also, as you know, when you’re refining a very old refinery that has been abandoned for some time, what we’re finding is that it’s becoming a little bit more complicated.”
This bombshell revelation comes amid mounting criticism from industry leaders, including Aliko Dangote, who recently expressed doubts about whether the refineries would ever function again, and former President Olusegun Obasanjo, who lamented the lack of results from over $2 billion spent on Turn Around Maintenance.
Ojulari confirmed that NNPCL is currently conducting a comprehensive review of all refinery strategies, with conclusions expected before the end of the year. The outcome of this review may lead to a complete overhaul of how Nigeria approaches its refining capacity.
Source: newsdiaryonline.com
