The Federal Government has revealed plans for a consortium of investors from South Korea to build four 100,000-barrel capacity refineries in various locations in Nigeria.
The 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.
According to him, the Federal Government is encouraging investors to build refineries by providing an open environment for all.
Reacting to this development, an oil and gas expert, Dr WISDOM ENANG commended the efforts, adding that Nigeria will be self-sufficient with the advantage of exporting petroleum products to other countries.
Dr WISDOM ENANG also expressed concern over what he described as the critical factors of such investment namely, the supply situation, marketability, scalability of the business, profitability and socio-political stability of the country.
Considering the supply situation of the products, he expressed worry over Nigeria’s capacity to provide sufficient crude for the additional investors.