By Felicia Udeji
Nigeria is set to partner with four Korean firms to build modular refineries.
The Federal Government announced this partnership, which will see the establishment of four 100,000-barrel capacity refineries in various locations across Nigeria.
According to the Minister of State for Petroleum Resources, Heineken Lokpobiri, the government is encouraging investors by providing a favorable business environment.
This partnership is part of the government’s plan to ensure energy security and make Nigeria Africa’s petroleum refining hub.
“We have adopted the public-private partnership model to unlock investment in the midstream and downstream segments of the oil and gas sector, which will lead to the establishment of more modular and mega refineries,” he narrated.
The oil minister said this will yield results because the Federal Government is open to equity investment in modular refineries and other upcoming refineries as a step to ensure energy security.
“The government will partner with international institutions to develop expertise in refinery operations and promote innovation.”
This partnership is expected to boost Nigeria’s refining capacity and reduce dependence on imported petroleum products.