Nine modular refineries have received licences from the federal government via the Nigerian Midstream and Downstream Petroleum Authority.
The Punch reported that Farouk Ahmed, the CEO of NMDPRA, stated this on Monday during the 2024 Oil Trading & Logistics Africa Downstream Energy Week in Lagos.
According to him, the licences were granted within the last year by President Bola Tinubu’s administration.
He claimed that Nigeria’s refining capacity has been growing under the current government, particularly with the Dangote refinery coming online.
According to him, the NMDPRA granted nine licenses for the establishment of modular refineries, seven licences for their construction, and four licences for their operation.
Ahmed acknowledged that Tinubu has been instrumental in improving the investment climate of the mainstream industrial sector through the innovative sectoral policies implemented over the past 18 months.
He claimed that the President’s daring reforms have made the oil and gas industry a desirable place to invest, fostering profitability and successful economic endeavours.
The head of the NMDPRA insisted that Nigeria is on track to meet its goals of producing 3 million barrels of crude oil per day and 10 billion standard cubic feet of gas per day for domestic use under the current government and the ministers in charge of the oil and gas industries.
According to him, Nigeria will also increase its planned domestic refining capacity, turning it into a net exporter of petroleum products.
TimesNow.com.ng earlier reported that the head of Ghana’s oil regulator stated that once Nigeria’s Dangote Oil Refinery reaches full capacity, Ghana may purchase petroleum products from the plant.
Reuters reported that Mustapha Abdul-Hamid, the chairman of Ghana’s National Petroleum Authority, stated at the OTL Africa Downstream oil conference in Lagos that this may eliminate $400 million in petroleum imports from Europe monthly.
He said that importing from Nigeria instead of Europe would lower the cost of other goods and services by eliminating freight costs.
Proofreading by James, Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
