Nigerian govt confirms plans by South Korean investors to build four refineries in Nigeria

The Federal government of Nigeria has revealed that plans are afoot by a consortium of investors from South Korea to build four 100,000-barrel capacity refineries in the country.

The proposed refineries are to be situated in different locations of the country.

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made this known at the maiden edition of a summit organised by the Crude Oil Refineries Owners Association of Nigeria in Lagos.

The Nigerian government noted that it is encouraging investors to build refineries by providing an open environment for all.

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Although the government did not reveal the name of the consortium, the minister said, “We encourage investors to build limited refineries by providing an open environment. A recent approval was granted to invite to Nigeria a consortium of investors from South Korea, which intends to establish four 100,000 barrels-model refineries in four different locations in Nigeria.

“We have adopted the public-private partnership model to unlock investment in the midstream and downstream segments of the oil and gas sector, which will lead to the establishment of more modular and mega refineries,” he narrated.

“In addition, we prioritise and work with stakeholders to ensure effective implementation of the recommendations of the Modular Refinery Committee to give special concession to local refineries’ owners, thereby guaranteeing feedstock to their refineries,” he explained.

By: Babajide Okeowo

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