Nigeria needs $500m to repair refineries- Kachikwu

Nigeria needs $500m to repair refineries- Kachikwu

MINISTER of State for Petroleum and Group Managing Director of Nigeria National Petroleum Corporation, NNPC, Dr. Emmanuel Ibe Kachikwu yesterday said that the four refineries in the country will require between $300 million to $500 million to function effectively. The minister disclosed this during an interactive meeting with the joint House of Representatives Committee on Gas Resources, Petroleum (Downstream and Upstream) and Local Content chaired by Rep Victor Nwokolo over the controversy on the recent unbundling of NNPC to 30 companies.

He acknowledged the communication gap between his office and the National Assembly on the issue of unbundling of the NNPC, adding that the concerns expressed by members were legitimate. Kachukwu said that the “unbundling was used to qualify the sub-sects” otherwise called ‘Divisions’, and not companies as would have been applicable to the actual unbundling of the Corporation as stipulated in the PIB. Kachukwu said that the “unbundling was used to qualify the sub-sects” otherwise called ‘Divisions’, and not companies as would have been applicable to the actual unbundling of the Corporation as stipulated in the PIB. Read more 

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