The Nigerian National Petroleum Corporation (NNPC) has said it would set up two condensate refineries with a refining capacity of 200,000 barrels daily.
NNPC Group Managing Director Maikanti Baru revealed this in a statement in Abuja on Tuesday where he added that the refineries will be in Delta and Imo states.
According to the statement, the move was part of efforts aimed at halting the importation of petroleum products and ensure energy security for Nigeria.
Baru added that the development will also add to gas supply to power plants in several parts of the country.
This is just as it would boost the NNPC refining capacity from 445,000 to 645,000 barrels daily.
“The condensate refineries are going to be fully on commercial basis and we intend to get partners that would invest,” the NNPC boss stated.
“We are willing to get partners and operate in a similar manner with NLNG model, where we could just get a majority share but not a controlling share.”
He further said that when “the implementation of the Petroleum Industry Governance Bill (PIGB) becomes fully operational, the National Petroleum Company (NPC) would be steady as it would be governed by the Companies and Allied Matters Act (CAMA).”
The NNPC also said the move will stem pipeline vandalisation.