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FG urges investors to purchase existing refineries abroad and unbundle them for Nigerian market

Minister of state for petroleum, Dr Ibe Kachikwu has called on investors to purchase refineries abroad, unbundle them and set them up close to existing refineries in Nigeria to save time, cost and maximise return on investment, Leadership reports.

He said: “If you want to build a new refinery, it takes an average of two to five years and investment of between $2bn and $2.5bn. What we are encouraging people to do is to be able to unbundle certain refineries that are all over the world, which the owners have decided not to continue with for economic reasons, come over here, set them up and run them.

“If you are going to do that, it will run down your cost; if you are sharing the same premises, same tank farm, same pipeline and power source, it automatically reduces your cost to around $1bn benchmark because power is a key element of that cost. So it will be quicker and cheaper and your return on investment will be more,” the minister said.

Source : energymixreport.com
Posted On: 12/29/2015 12:00:00 AM

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