To achieve the President Muhammadu Buhari led administrationâ€™s target of meeting the nationâ€™s needs and end the importation of petroleum products by 2019 which cost the country N3.35 trillion last year, the Ministry of Petroleum Resources is executing a three-pronged strategy,Â reportersÂ reports.
The strategy was articulated by the Minister of State of Petroleum, Dr. Emmanuel Ibe Kachikwu, in his latest monthly podcast to stakeholders in the oil sector. The strategy has three components. First, is a plan to attract massive finance to fund the repair and upgrade of three key refineries in Port Harcourt, Warri and Kaduna to boost and stabilise supply of petroleum products.
The second component of the strategy is strengthening government support for private sector-led greenfield refinery projects such as the Dangote Refinery. The third component is the structuring and mainstreaming of private sector-driven modular refineries to further increase the supply of petroleum products and end importation.
Kachikwu confirmed that the ministryâ€™s drive to seek financing for the revamp of the countryâ€™s refineries has received the interest of serious global investors. The investors, according to the minster, have expressed willingness to provide support and finance the repairs of the three refineries that are estimated to cost about $1.2billion.