FG to privatise PH, Warri, Kaduna refineries after rehabilitation

FG to privatise PH, Warri, Kaduna refineries after rehabilitation 

 

 

The Federal Government will fully privatise the nation’s refineries, comprising the Port Harcourt, Warri, and Kaduna facilities once their ongoing rehabilitation is completed.

Sunday Dare, Special Adviser to President Bola Tinubu on Media and Public Communications, announced this.

Dare posted this update in a statement via his official X (formerly Twitter) account.

The bulletin outlined key achievements in the sector and hinted at the administration’s plans to restructure the refineries.

“The full privatisation of Port Harcourt, Warri, and Kaduna refineries is in progress,” Dare stated, though he did not provide the specific timeline for the initiative.

Nigeria’s four national refineries have remained largely inactive for over four decades, despite the government investing trillions of naira in the maintenance and rehabilitation.

This has left the country heavily dependent on imported petrol, placing immense pressure on its foreign exchange reserves.

Dare expressed optimism that local refining would eventually meet domestic demand, easing the perennial issue of fuel shortages.

“With full local refining gradually being met, the days of fuel queues will end,” he added.

In August 2024, the Nigerian National Petroleum Company (NNPC) Limited announced plans to involve private operators in managing the Kaduna and Warri refineries.

In a circular shared via its official X account, NNPC disclosed its intent to collaborate with credible operations and maintenance (O&M) firms.

“The Nigerian National Petroleum Company (NNPC) Limited seeks to engage reputable and credible operations & maintenance (O&M) companies to operate and maintain the Warri Refining and Petrochemical Company (WRPC) and Kaduna Refining and Petrochemical Company (KRPC),” the circular stated.