The Nigerian National Petroleum Corporation (NNPC) has made known its decision to acquire stakes in six private refineries in the country. The Group General Manager, Group Public Affairs Division, Mr. Kennie Obateru, said this in a statement on Monday.
According to the statement, the corporation had identified at least six refinery projects in which it intended to seek equity participation. It also stated that the plan is in line with the federal government’s policy directive, which requires the compulsory participation of the corporation in any privately-owned refinery that exceeds 50,000 barrels per day capacity.
The directive helps the corporation to uphold its legal role of protecting national energy security.
“Five of them are at the development stage with the Dangote Refinery being the largest of them. NNPC has a dual role of providing stewardship for the nation’s hydrocarbon resources and adding value to the resources for the benefit of all Nigerians and other stakeholders,” Mr. Obateru said.
He added that these roles will help the corporation achieve its objective of providing energy security and boosting the nation’s economic development and growth.