Fidelity bank card banner Camano banner
Kachikwu to launch downstream petroleum infrastructure rebirth plan

By Chineme Okafor, Abuja on 27/07/2018

Views: 757

•Minister of State for Petroleum, Dr Ibe Kachikwu
•Minister of State for Petroleum, Dr Ibe Kachikwu

The Minister of State for Petroleum, Dr Ibe Kachikwu, would soon launch a new plan to revive operational infrastructure in Nigeria’s downstream petroleum sector and open them up for private sector investments across their value chains

Speaking to THISDAY in Abuja as part of a follow up on Nigeria’s recent signing of a Memorandum of Understanding (MoU) with the Niger Republic to build a 150,000 barrels per day capacity refinery at a Katsina State border town between both countries, Kachikwu’s Senior Technical Adviser (STA) on refineries and downstream infrastructure, Mr. Rabiu Suleiman, said the rebirth plan would among other things, also consider how best to utilise the various downstream assets of the Nigerian National Petroleum Corporation (NNPC) that are idle.

He noted that the country’s downstream sector was not in a good shape, and “that is why going forward, the Minister of State for Petroleum Resources is planning to launch the downstream infrastructure rebirth for the country, where we will look at various infrastructure of the downstream – pipelines, tank farms and all other facilities – how adequate are they for this country”.

He said the plan would determine the infrastructure deficiencies and how to optimise the utilisation of those ones that are currently redundant.

It would also consider necessary investments that are needed for private investors to enhance and close the gap of infrastructure and open up the place so that people could build their own pipelines and charge tariffs.

According to him, the rebirth plan would ensure that marketers could put their products into somebody else’s pipeline, move and receive them elsewhere.

He equally suggested the plan would consider the best models to get downstream assets owned and operated by the NNPC, albeit inefficiently, and which have been idle, to get them working again.

Also speaking on the planned border refinery, Suleiman, who is leading the project’s technical committee, explained it was in line with Nigeria’s strategy to become a hub for refined petroleum products in Africa.

He reiterated that the project would be private sector financed with no financial commitments from the governments of both countries, adding, however, that the NNPC and its Nigerien counterpart might be allowed to take minor strategic shareholdings in the project.

He explained: “It is a competitive world. Nigeria has the intention without excuse to be the hub of hydrocarbon business in Africa and therefore any opportunity that will give us that unique position to be the hub, we will grab it because it has a potential of business activities in all aspects of life.

•Excerpted from THISDAY report

Source News Express

Posted 27/07/2018 10:50:25 AM

 

 

CLASSIFIED ADS

 

You may also like...
Strike: FG, ASUU meeting adjourned till Thursday

IFAD to assist 12,500 Ebonyi farmers with N500m...

NNPC dismisses rumour of pending N36bn royalty to...

Abia to explore ways of assisting mission schools...

Facebook steps up war against terrorists

Air Force frustrates another Boko Haram attempt to...

The Great Debate: Buhari’s no-show and Atiku’s own...

LASU suspends 4 students over cultism

Anambra govt to install CCTV cameras in Onitsha,...

Defence Minister warns military against disloyalty

Wife saga: UNTOLD STORY OF GOVERNOR CHIME’S FAKE...

Pelosi on Trump’s insults: ‘I’m done with him’...

 

Latest News New twist in COZA Pastor’s rape saga: Police invites Timi, Busola Dakolo over alleged falsehood Banditry: Angry villagers take corpse to Zamfara Government House I am ready to lay down my life for Nigeria’s recovery — Obi American firm hoists Nigerian flag to honour exceptional employee Ruga: BNYL asks Igbo, Ijaw, Efik in North to return home as CNG’s deadline approaches Cultists wear Obas’ regalia, Ondo monarchs allege Insecurity: FG begins consultations with traditional rulers Police kill four teenage robbers in Edo Anambra community dismisses armoury rumour, threatens court action US-led war looming with Iran 1 killed, 8 injured in Ogun petrol tanker fire Enyimba Economic City receives further boost as IFC signs agreement

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (510,399 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (431,685 views) Shameless Genevieve Nnaji exposes breasts in public (373,684 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (316,869 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (282,625 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (247,311 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (239,449 views) 10 cars more expensive than Jets (224,152 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (221,349 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (208,909 views) Lagos plane crash: Journalist releases victims’ names (188,480 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (187,096 views)

 

NLNG Job Vacancy

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (97) Business & Economy (4,358) Business Verdict (76) Columnists (1,075) Complaints & Requests (95) Enterprise & Opportunities (211) Entertainment (636) Features (780) Global Business Monitor (396) ICT Monitor (54) International (3,730) Interview (193) Live Commentary (30) Love Matters (164) Maggie's Blog (342) News (48,876) Opinion (1,293) Pidgin (17) Politics (11,173) Religion (1,051) Sports (2,106) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera