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Baru: NNPC Inch Close To Financing Deal For Refineries TAM

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) says the corporation is inching closer to arriving at the choice of financiers for the Turn Around Maintenance (TAM) of the Port Harcourt Refining Company Limited (PHRC), Warri Refining and Petrochemical Company Limited (WRPC) and the Kaduna Refining and Petrochemical Company Limited.
Speaking while briefing members of staff of the corporation on the fuel supply situation in the country during a town hall meeting Tuesday in Abuja, Dr Baru said the development holds the promise to boosting petroleum products supply and distribution in the country.

The nation’s traditional refineries have a combined installed capacity for the production of 19 million litres of petrol daily. However, several previous attempts at rehabilitating the refineries have failed leaving the country to depend on importation of refined products for local consumption.
“Agreements on the potential financiers for the refineries are being fine-tuned, following which the endorsement of the NNPC Board would be this month.
“We would start the rehabilitation of the refineries towards a 90 per cent capacity utilization per stream day before the end of 2019,” Dr. Baru said, adding that the procedure for electing the financiers is painstaking.
The NNPC according to Dr. Baru is also encouraging new refining capacities to come on board. He disclosed that two consortia have indicated interest to co-locate refineries in Warri and Port Harcourt.
“NNPC would provide whatever utility services the companies might require, such as power, processed steam, water and land, the corporation has agreed in broad terms on areas of collaboration to fast track the development,” Mr Baru said.

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