29-04-2019 /2019-04-28/NNPC wooing European refineries to bridge supply gap -- Baru
NNPC wooing European refineries to bridge supply gap -- Baru
Group Managing Director, Nigerian National Petroleum Corporation, Mr. Maikanti Baru.
The Group Managing Director, Nigerian National Petroleum Corporation, Dr Maikanti Baru, says the corporation plans to bridge the gap of petroleum products supply in the country.
Baru said this on Saturday in Warri, Delta State, after a facility tour of Lee Engineering and Construction Firm.
He said with Nigeria's projected population growth of 230 million by 2025, there was the need for the country to work hard to meet the projected product supply gap.
The NNPC boss stated that the coming on stream of Dangote refinery and the co-location of refineries from Europe to the country were part of the efforts of the corporation to meet the supply gap.
Baru added, "We are focusing on 2025 to see what the supply gap is and how to meet it. Obviously, with the coming of Dangote refinery and the full rehabilitation of our refineries, there will be a supply of 427,000 barrels per day of refining capacity.
"This will help us to be able to meet our demands based on the projection of the growth of our population from 180 million we had about four years ago which is projected to go up to about 230 million people with corresponding consumption."
He explained that the corporation was also looking at co-locating two refineries from Europe as part of its programme to meet the supply demand.
"There are private sector players that have offered that they want to bring some refineries that will be moved from other Europeans countries to Nigeria.
"One will be in Port Harcourt to produce about 110,000 barrels per day and another one in Warri to produce about 115,000 barrel per day," he stated.
Baru noted that the corporation was also looking at condensate production to help mitigate the situation.
Condensate is one of the lightest and most valuable crude oil which can be used to produce petrol, jet fuel, diesel and heating fuel.
The GMD believed that the country could get condensates that could augment the overall supply, saying "we will be demand neutral in terms of meeting our demand."
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