The Federal government is seeking to partner with South Korea to build multiple refineries in the country in order to improve its struggling oil production infrastructure. The country has long relied on imported petroleum products, but this may change with the emergence of the Dangote refinery.
A group of investors from South Korea plans to construct four 100,000-barrel capacity refineries in different locations in Nigeria.
The Minister of State for Petroleum Resources, Heineken Lokpobiri, announced this at a summit in Lagos. The government is welcoming investors to build refineries and has approved the invitation of a consortium from South Korea for this purpose.
The government aims to encourage investment in the midstream and downstream segments of the oil and gas sector through a public-private partnership model. Additionally, steps are being taken to ensure transparency in the oil industry and provide access to feedstock by local refineries.
The ministry is also working to deregulate the downstream sector and create a framework to ease the impact on the general public.
Furthermore, efforts are being made to support infrastructural development for refineries and to prioritize partnerships with international institutions to enhance expertise in refinery operations.
To combat crude oil theft and illegal refining, an international emergency committee has been established to seek in-country refining solutions.
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