Business NNPC Bears 'Glad' Tidings Concerning Nigeria’s Refineries

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LequteMan

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Nigeria- The Nigerian National Petroleum Commission, NNPC yesterday said some positive optimistic things about the turn around maintenance of Nigeria's refineries . The Nation reports.

The Coordinator, Corporate Planning, and Strategy of the NNPC, Dr. Tim Okon, told the Senate Committee on Petroleum Resources (Downstream), in Abuja while defending the budget proposal of the corporation, that the NNPC had worked out an alternative local arrangement that would enable it refine about 400,000 barrels of crude oil daily after the completion of ongoing rehabilitation.

“The refineries would work again at full capacity, we already have plans to bring them back to perform at full capacity.

He said the management considered the prices to be high and decided to look inward by inviting local contractors that are familiar with the facilities and worked with them.

He said, “Going forward, we have been able to reduce the cost of doing the TAM from $550m to $152million.

“By the first quarter of next year, all the refineries will be functioning optimally and we would be able to refine an average of 400,000 barrels of crude oil per day for local consumption.

“However, another advantage of what we are currently doing is that instead of shutting down the facilities while the TAM lasted, we will be producing even when the rehabilitation work is ongoing.

#Nigeria #NNPC #TAM

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