The Nigerian Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has warned that foreign investors will not run the oil refineries in the country, saying “They are only going to provide funds and technical support.”
Dr. Kachikwu, who is also the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), declared that he would never give up in the discharge of his duties, while urging Nigerians to give change the opportunity to work, while assuring that the refineries would not be sold.
Dr. Kachikwu confirmed that the Port Harcourt and Warri refineries had started refining, while Kaduna refinery had been receiving crude oil and back in production (refining).
He disclosed that the Nigerian Government would need the sum of US$700 million to upgrade the nation’s refineries to be able to perform up to 90 per cent capacity. Dr. Kachikwu made these disclosures recently at the Port Harcourt Refining Company Limited (PHRC) in Nigeria’s south-south Rivers State, a subsidiary of the NNPC, shortly after re-commissioning of the crude line of the PHRC.
He again apologised to Nigerians on the lingering fuel scarcity, saying it had started easing off.