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Nigeria in talks with oil majors to revamp its refineries

by ChemOrbis Editorial Team -
  • 30/03/2016 (14:54)
According to media reports, Nigeria is currently in talks with US-based Chevron, France’s Total and Italy’s ENI to revamp its outdated oil refineries in Port Harcourt, Warri and Kaduna. Nigeria aims to restart its outdated refineries to increase their efficiencies and to end their dependency on costly fuel imports.

Emmanuel Ibe Kachikwu, head of state oil firm Nigerian National Petroleum Corporation (NNPC), reported that ENI, Chevron and Total stated their willingness to work with them on Port Harcourt, Warri and Kaduna ports, respectively. He added that the government is also planning to privatize the refineries within 12 months following the modernization works.

Previously, NNPC had reported that they entered some joint ventures with oil majors to offset a dollar shortage arising from lower fuel imports due to multi year low oil prices. The company has stated that oil majors could sell them foreign exchange for the naira components they required for their local operations.
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