FG vows to end fuel Importation by 2019

The federal government today in Abuja reiterated its commitment to end the importation of petroleum products by 2019 by revamping the operational capacity of local refineries, bring in investors with the needed financial muscle to fund and develop functional refineries

The Minister of State in the Ministry of Petroleum resources, Dr Ibe Kachikwu who made the above disclosure while addressing newsmen said already a steering committee has been set up to work out the modalities for engaging interested companies with the requisite qualifications to build and operate functional refineries as well as participate in the revitalization of existing local refineries to ensure they produce up to their optimal capacity
He said ‘’this briefing was called in order to address the issues that are current in terms of the poor refinery program.

We decided to see how we are going to do about these refineries. Let me start by positioning some of the issue. The importation of petroleum between Jan and February this year amounted to 20 thousand metric tons resulting to 4 trillion naira. The consumption of PMs according to the CBN was 30%.

‘’ A staring committee was formed and I am part of it. Also a technical committee to identify those who were interested in financing and to make contact with those who built refineries like SAIPEN in Warri, JVC in Port Harcourt and CHIODA in Kaduna , they have engineering and in some cases, have access to spare parts’’.

The Minister further dismissed reports in certain quarters that OANDO Petroleum Company has already been handed over the operation and revitalization of Port- Harcourt Refineries, adding that the speculation is premature at this point in time since the committee is yet to complete their work and make recommendation

He also denied the talk about selling the refineries saying it is not the option before government that rather seeking agencies interested in financing the refineries and ensure an optimal production of fuel remains the primary focus of government .according to him the committee had internally determined the amount of work required to be done which will certainly cost about 1.113 trillion naira and at the moment is in the process of identifying those interested in participating in the financing.

Kachikwu further urged the media and the general public to rally round government in the objective of accomplishing their set commitments and to focus on the substance of 2019 delivery.

He said’ ’we need speed and the process need not derail through unnecessary distractions and controversies, remove controversy and sensationalism and focus on how we can achieve these set goals