FG should float $1bn fund to complete new refineries — Refinery owners

Apr 8

FG should float $1bn fund to complete new refineries — Refinery owners
However, President of Crude Oil Refinery-owners Association of Nigeria, CORAN, Mr. Momoh Oyarekhua, said: “ The coming on stream of Dangote Refinery is a very good development, especially as it would reduce huge dependence on imported petrol, conserve foreign exchange and create additional jobs.

“The government needs to support the construction of other indigenous refinery projects, currently at different stages nationwide. We have proposed the creation of $1 billion fund to support local investors.

‘’If this is done, lack of funds, which has always been a major challenge, would to some extent be addressed.
“The federal government and other stakeholders, including the Nigerian Midstream, Downstream Petroleum Regulatory Authority, NMDPRA, should engage with indigenous investors to explore the best ways and means of bringing this into reality in the best interest of oil and gas industry and the nation’s economy.”