The Nigerian National Petroleum Corporation, NNPC, said its refineries are not for sale as there are planned moves to invite expert to boost the oil block in the country. It would be recalled that for decades, the Federal Government has been constantly urged to privatise the four state-owned refineries with combined capacity of 445,000 barrels per day to make them more efficient and profitable.

Rather than selling the refineries as being expected, the Group Managing Director of the NNPC, Dr. Ibe Kachikwu, said joint venture partners with established track records of success in refining would be invited to support the running of the refineries to make them more efficient.

The NNPC boss also disclosed of plans by the corporation to unbundle the Pipelines and Products Marketing Company Ltd, PPMC, into three companies.

Although Kachikwu did not give details about the joint venture arrangement, he noted that the ongoing phased rehabilitation of all the state owned refineries would be given an accelerated vigour with the aim of reducing petroleum products importation.

He added that at full capacity, all the refineries could supply only 20 million litres of premium motor spirit otherwise known as petrol on a daily basis.
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