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Private oil refineries deals collapse

15 April 2014, 15:07

Lagos - Nigeria’s plans to engage private investors in the construction and management of new refineries to reduce the country’s dependence on importation of petroleum products have collapsed.

At the moment, the investors are not ready to go ahead with the agreements they signed with the federal government between 2011 and 2012 for the construction of 10 new refineries across the country, reports New Telegraph.

The investors, which included both local and international firms, have been foot dragging on the Memorandum of Understanding (MoU) they signed with the government and have not be able to meet deadlines as stipulated in the agreements.  

The construction of 10 refineries worth N8.1 trillion ($51.8 billion was part of efforts towards reducing the country’s over-dependence on importation of petroleum products for domestic consumption.

Read more at New Telegraph.

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