The Federal Government on Wednesday said it would revoke
licenses given to individuals and corporate organisations for private
refineries but were yet to be utilised.
Minister of State for Petroleum Resources, Dr Ibe Kachikwu,
said this at a World Press Conference on the sidelines of ongoing annual
Offshore Technology Conference in Houston, U.S.
The Federal Government under former President Olusegun
Obasanjo had granted licenses to some private concerns to build refineries but
only Alhaji Aliko Dangote, put it to use.
His refinery, under construction is nearing completion, and
recently, he assured that the 1.3 million metric tonnes per annum petrochemical
plant in Lagos would commence operation in the last quarter of 2018.
Kachikwu said that he had had discussions with the
Department of Petroleum Resources (DPR), whose statutory functions included
processing application for various licenses, permits and approvals across the
oil and gas value chain, on the matter.
“I have spoken with DPR on the matter. Those who have not
been able to move forward will have their licenses withdrawn,” he said.
He said that the aim of giving licenses was to reduce the
huge capital flight to fuel importation, meet local demand and look at possible
exports.
The minister explained that the review of the system was
necessary as the nation’s existing refineries, which had a combined capacity of
446,000 barrels per day (bpd), were grossly inadequate to meet national daily
demand.
Source: Guardian.ng
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