The Federal Government says it is open to selling the Warri, Port Harcourt and Kaduna refineries to attract private investment and boost competition in the oil sector. The Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, disclosed this during an interview with Bloomberg TV at the ADIPEC energy conference in Abu Dhabi.
Verheijen said the option would depend on identifying technical partners with sufficient capital, adding that the removal of fuel subsidies has made the refineries more commercially viable. She explained that the plants had long been sustained by government subsidies that distorted the market.
The Nigerian National Petroleum Company Limited recently began a full technical and commercial review of the three state-owned refineries, which have been largely inactive for years. NNPC Group Chief Executive Officer, Bayo Ojulari, has also acknowledged the complexities involved in revamping the facilities.
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Verheijen added that the government sees a future initial public offering of NNPC as a key goal, stressing the need for the national oil company to operate transparently and efficiently to deliver value to its shareholders.
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