October 09, 2024 [21st Century Chronicle]- The Federal Government has announced plans by a consortium of investors from South Korea to build four 100,000-barrel capacity refineries in various locations in Nigeria.

The approval was recently granted to invite the consortium in line with the federal government’s resolve to encourage investors to build refineries by providing an open environment for all.

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, stated this at the maiden edition of a summit organised by the Crude Oil Refineries Owners Association of Nigeria in Lagos.

“We have adopted the public-private partnership model to unlock investment in the midstream and downstream segments of the oil and gas sector, which will lead to the establishment of more modular and mega refineries,” he stated.

The minister said this will yield results because the federal government is open to equity investment in modular refineries and other upcoming refineries as a step to ensure energy security.

Lokpobiri stated that the government will ensure the deregulation of the downstream sector is 100 per cent and put in place a necessary framework that will ease the impact on the poor masses.

“The ministry has facilitated easier access to existing tax and other exemptions on refinery equipment importation, which is part of our plan to make Nigeria self-sufficient for petroleum producers and become Africa’s petroleum refining hub,” he added.