The Nigerian government has announced plans by a consortium of South Korean investors to establish four 100,000-barrel capacity refineries across Nigeria.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, revealed this during a summit organized by the Crude Oil Refinery-owners Association of Nigeria in Lagos on Tuesday.
Lokpobiri noted that these refineries will be located in different parts of the country, emphasizing the government’s commitment to providing an open environment to encourage such investments. He stated, “We encourage investors to build modular refineries by offering an open and transparent environment. A recent approval has been granted to a South Korean consortium to establish four refineries in Nigeria.”
In related news, the minister expressed confidence in Nigeria’s ability to attract $50 billion in oil and gas investment by the end of 2024. He mentioned that ongoing reforms in the sector are rebuilding investor confidence, which will help unlock numerous oil wells that have been drilled but not yet operational.
Lokpobiri added, “Our aim is to increase oil production by unlocking the many drilled but inactive wells, and as more investors come in, we expect our oil production to rise significantly.”
This development follows the commencement of fuel distribution by the Dangote Refinery on September 15, 2024, with the Nigerian National Petroleum Company Limited (NNPCL) acting as the sole off-taker.
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