NNPC Plans Stake Acquisition in Six Private Refineries

Thursday, July 22, 2021

Nigerian National Petroleum Corporation (NNPC) spokesman Kennie Obateru in a statement said that the company is firm in its plans to acquire an equity stake in six private refineries which are being developed in the country in an effort to boost national energy security.

The move supports the Federal Government’s directives which stipulate the participation of the state firm in any privately-owned refinery that exceeds 50,000 bpd capacity.

“In this regard, the Corporation has identified at least six refinery projects in which it intends to seek equity participation, five of them are at the development stage with the Dangote Refinery being the largest of them,” Obateru said.

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