General Electric Co (GE) plans to invest in Nigeria's three refineries. This has the potential to convene a consortium of companies to boost capacity
General Electric Co (GE) plans to invest in Nigeria’s three refineries. This has the potential to convene a consortium of companies to boost capacity at the run-down facilities.
GE’s proposal and similar ones from Italy’s Eni to work with Nigeria to revive the nation’s three crude oil refineries will help the government to reduce the importation of expensive refined oil products.
The plan was suggested at a meeting with the Nigerian National Petroleum Corporation (NNPC), a GE spokeswoman said late on Tuesday.
“We propose that work commences either with the Warri or Port Harcourt refinery as a pilot, as we set a target to improve the refinery capacity before the end of 2017,” GE told the NNPC, according to a statement from the state oil firm.
Imported oil products are taking a huge portion of Nigeria’s scarce foreign exchange but the dilapidated state of the refineries along with frequent pipeline attacks, has delayed progress.
Minister of State for Petroleum Resources in Nigeria, Emmanuel Ibe Kachikwu said Chevron and Total were also interested in working on the refineries.
GE and NNPC could also partner on national power projects as Nigeria remains affected by power shortages and a power grid needing urgent attention.