Nigeria’s Minister Of State For Petroleum
Nigeria’s minister of state for petroleum, Dr Ibe Kachikwu has revealed that Italian oil company Eni plans to construct a crude refinery in Nigeria.
Kachikwu made the disclosure while speaking to journalists on Tuesday, Could 9.
In accordance with Reuters, Nigeria has been in search of funding within the sector to reduce reliance on imported oil products that devour a big portion of the nation’s scarce foreign currency reserves.
Dr Kachikwu mentioned a memorandum of understanding is being ready to make the project a actuality
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It isn’t any news that after years of neglect Nigeria’s existing, ageing refineries produce hardly any gas.
“We reached an agreement that Agip will build a model new refinery of a hundred and fifty,000 barrel capability,” Kachikwu stated after meeting Eni executives in Abuja.
NAIJ.com gathered that a memorandum of understanding is being prepared by both parties to make the project a actuality.
ENI executives declined to speak to reporters at the event, however in January the company mentioned that it might intensify oil and gas exploration in Nigeria and help to revamp the Port Harcourt oil refinery.
In the meantime, oil costs collapsed on Thursday, Might four to their lowest since late November as investor worries concerning the world’s stubbornly persistent glut of crude erased many of the gains that adopted final yr’s OPEC’s output lower.
The slide worsened after OPEC delegates northwest natural gas in salem oregon downplayed the chance that their group and other producing countries would deepen their output cuts once they meet on Thursday, Might 25.
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They did say current output cuts had been likely to Barauni be northwest natural gas in salem oregon prolonged. This is coming few weeks after Nigeria’s oil manufacturing for the month on March suffered a dip as the country’s output was to 1.269 million barrel per day (BPD) based on the Monthly Oil Market Report (MOMR) launched by OPEC.
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