South Korea consortium will build 100,000-barrel refineries in Nigeria to strengthen its position as Africa’s top petroleum refining hub.
This development brings the number of refineries that Nigeria would be adding to the ones in existence. Senator Heineken Lokpobiri announced this.
South Korea is poised to play a crucial role in boosting Nigeria’s oil industry with Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, announcing four new refineries.
Senator Lokpobiri set Nigeria’s oil industry up for a major boost by announcing the four new refineries.
He announced the plan at a recent meeting in Lagos.
According to him, South Korean consortium plans to build these refineries, each capable of processing 100,000 barrels.
Furthermore, Lokpobiri highlighted the government’s commitment to fostering investment by creating an open environment for investors.
The consortium will build the refineries in four different locations across Nigeria.
Also, to support this initiative, the government is implementing a public-private partnership model aimed at enhancing the oil and gas sector’s midstream and downstream segments.
This strategy includes new guidelines to ensure local refineries have access to crude oil, promoting transparency in the industry.
In addition, the minister emphasised the importance of deregulating the sector and making it easier for investors to access tax exemptions on refinery equipment.
This comprehensive approach aims to boost local production and position Nigeria as Africa’s leading petroleum refining hub, ensuring self-sufficiency in oil production.
