A cap on the price of petroleum products is the major reason the downstream oil sector, especially domestic refining, has remained undeveloped, Head Energy Research, Eko Bank Limited, Dalapo Oni, has said. In an interview, he said once the government fully deregulates the sector, private refineries would sell at market-determined prices to make profit. According to him, refineries would continue … Read More
Expert to Buhari, Pass PIB and Privatise Refineries
Following Nigeria’s descent into an economic recession that has been widely ascribed to low turnover in the oil and gas sector, experts in the sector have identified ways the federal government can quickly get the economy out of recession. The experts who spoke with THISDAY yesterday in Abuja, explained that Nigeria could be long on the recession if the federal … Read More
Leadership Tussle: $3bn IPMAN Refinery Dream Now A Mirage
The policy of deregulation of the downstream oil industry in Nigeria from an economic point of view considers the enormous subsidy pay out to petroleum marketers as Nigeria in the last five years has consistently spent over N1 trillion, that is about $5 billion, on petrol subsidies. The deregulation of the sub-sector, government argues, will open up the sector to … Read More
NNPC Moves To Increase Refining Capacity
Nigerian National Petroleum Corporation, (NNPC), said it was currently undergoing transformation which includes increasing the corporation’s refining capacity. Group managing director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kachalla Baru, who disclosed this while receiving the Spanish ambassador to Nigeria, Mr Alfonso Barnuevo, to the NNPC Towers in Abuja, Thursday, also said that the country was strengthening bilateral … Read More