Petroleum: Nigeria may import beyond 2016 – Kachikwu

Petroleum: Nigeria may import beyond 2016 – Kachikwu

By Ojo Shola

Minister of State for Petroleum, Ibe Kachikwu, Sunday said Nigeria will continue to import fuel beyond 2016 though without subsidizing.

Addressing newsmen shortly after a tour of the Kaduna Refining and Petrochemicals Company (KRPC), Kachikwu said until the country begin to get individuals who can co-relocate, Nigeria will be doing a mixture of local and importation of fuel to meet up with local demands.

According to him, “best case situation is 25% local and 75% importation. Worse case is what we are experiencing now.

“In the next few weeks, however, queues will disappear in fuel stations,” he stated.
The Minister said Kaduna Refinery will soon attain 2 million litres per day capacity as soon as an FCC unit is fully on stream.

“We need to get it back to re-kit it to work well. We will do that with some level of production going on,” said Mr. Kachikwu.

“Our concern is to have a consistent production and provision of products at all times.”

On subsidy and pricing, Mr. Kachikwu said “we will not be fluctuating prices, we will take an average. Today no subsidy, in January we will look at the situation and announce it.”

He further hinted that President Muhammadu Buhari has not approved any policy about selling the refineries, thereby debunked the privatization rumour making the round.

Posted from GoBroadsheet

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