As part of measures to operate refineries as profitable ventures, the Federal Government has concluded plans to grant semi-autonomy to the entities.
Meanwhile, the Federal Government has expressed its readiness to raise funds from international investors and the private sector in 2016 to fund the Joint Venture cash calls between the Nigerian National Petroleum Corporation (NNPC) and International Oil Companies operating in the country.
This was disclosed by the Minister of State for Petroleum Resources and Group Managing Director of NNPC, Dr. Ibe Kachikwu, in Vienna, Austria
A statement issued by the spokesperson for the NNPC, Mr. Ohi Alegbe, quoted the minister as saying in the next 24 months, Nigerians would see a positive turnaround in the corporation’s refinery model.
He said: “The new model is that refineries will now buy their own crude oil, refine it and make remittances to the Federal Account Allocation Committee. They will operate a semi-autonomous system that will enable them to run in a profitable manner.”
Making reference to the JV cash calls, Kachikwu explained that high-level discussions were already going on with local and international investors to bridge the funding gap.