The Nigerian National Petroleum Corporation will sell refineries that fail to work optimally by the expiration of its 90 day ultimatum for rehabilitation of refineries. This plan was disclosed by President Buhari’s oil czar Dr. Ibe Kachikwu GMD NNPC at an interactive session with newsmen in Lagos. ‘By the end of December when the 90 day ultimatum will expire, any refinery that does not work optimally will be sold,’ Kachikwu declared. ‘We are losing N2.2 trillion monthly to refinery inefficiency. As of today, the average refining performance is 30 percent. If by December, the refineries don’t work, I will export our crude allocation and import refined petroleum products until we fix the refineries. Right now the Port Harcourt refinery is showing signs that it will meet the December deadline. However, I am not saying that Warri and Kaduna refineries will not meet the deadline but I hope they all make it so that we can continue to utilize our crude allocation to boost domestic refining.’
Kachikwu also plans to make NNPC audited account public before the new year. It would be the first time since 2010 if he can pull it off.