FG announces completion status of another refinery

• The Nigerian Midstream and Downstream Petroleum Regulatory Authority said the Kaduna Refinery task is 81.1% finished
• The Authority's main enforcement bureau underlined that safeguarding Nigeria's system is the extremity of the refinery's development
• The refinery's refurbishment aligns with the NMDPRA's strategical extremity of expanding home refining capacity

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Kaduna Refinery task is 81.1% complete, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The rehabilitation of the Kaduna Refinery was archetypal announced successful 2023 by Heineken Lokpobiri. Photo Credit: FG, Contributor
Source: Getty Images

Farouk Ahmed, the Authority's main enforcement officer, gave this accusation during a caller lawsuit connected Tuesday. April 15th, News Central reported.

Ahmed emphasized that the upgrade of the refinery aims to support Nigeria's economy from the fluctuations successful planetary crude lipid prices successful summation to lessening the country's reliance connected imported fuel.

“Kaduna Refinery’s wide advancement is 81.1% and we person breached it down into enactment packages. One happening that is peculiar astir Kaduna Refinery is that adjacent if the refinery reaches 100% completion, we besides person to see the authorities of the pipeline. So, obviously, that is different large project,” helium stated.

The NMDPRA's strategical nonsubjective of enhancing home refining capableness is successful enactment with the refinery's renovation, the CEO emphasized. For the federation to execute semipermanent energy information and sustainability, this enactment crucial.

Ahmed reaffirmed that the Authority volition proceed to beforehand large-scale and modular refinery projects passim Nigeria, including those that are privately owned.

Along with the refineries successful Warri and Port Harcourt, the Kaduna Refinery is 1 of respective important projects among the respective nationalist assets undergoing restoration. Ahmed besides mentioned initiatives from the backstage sector, specified the Dangote Refinery, which has started expanding its capableness for production.

The caput of the NMDPRA besides emphasized the wider economical advantages of expanding home refining successful his remarks. Nigeria can support itself from changes successful the satellite lipid terms caused by overseas policies and geopolitical events, particularly those of almighty countries similar the United States, by lowering its dependency connected imported petroleum products.

He clarified that though consumers whitethorn payment from little planetary crude prices, the government's gross is besides impacted due to the fact that of the nation's reliance connected lipid exports. “With 1.4 cardinal barrels per day, terms drops pb to gross losses,” helium noted.

Ahmed besides discussed the wider regulatory power that NMDPRA oversees, which includes the country's organisation infrastructure, petrochemical and state facilities, modular refining plants, and crude lipid refineries.

NNPC announced earlier this twelvemonth that it was continuing to amended its refineries successful Kaduna and Port Harcourt. Photo Credit: Aliko Dangote
Source: Getty Images

Due to a operation of structural and operational problems, lone 57.8% of Nigeria's 10 authorized refineries, which person a combined capableness of 1.2 cardinal barrels per day, are presently active.

The rehabilitation of the Kaduna Refinery was archetypal announced successful 2023 by Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), who said that operation would commencement successful the past 4th of 2024.

The Nigerian National Petroleum Company Limited (NNPC Ltd.) announced earlier this twelvemonth that it was continuing to amended its refineries successful Kaduna and Port Harcourt, which nutrient 150,000 barrels per day, successful bid to conscionable planetary show standards.

As the Kaduna works edges person to afloat reactivation, optimism is increasing that its revival volition not lone conscionable home request but besides easiness unit connected Nigeria’s overseas speech reserves, often strained by substance imports, thereby contributing to a much unchangeable naira.

FG issues 47 refinery licences

Legit.ng reported that the Nigerian authorities has issued 47 Licences to Establish (LTE) and 30 Licences to Construct (LTC) refineries successful 12 months.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed that the determination is important towards boosting Nigeria’s refining capableness and ensuring merchandise availability.

The NMDPRA’s main executive, Farouk Ahmed, stated this recently, saying that the 47 licences person a combined refining capableness of astir 3 cardinal barrels daily.

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Source: Legit.ng