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$500m is needed to fix refineries - Kachikwu

11 March 2016, 12:08

Abuja - Minister of State for Petroleum and Group Managing Director of Nigeria National Petroleum Corporation, (NNPC) Dr. Emmanuel Ibe Kachikwu has revealed that the four refineries in the country will require between $300 million to $500 million to function effectively.

The minister disclosed this during an interactive meeting with the joint House of Representatives Committee on Gas Resources, Petroleum (Downstream and Upstream) and Local Content chaired by Rep Victor Nwokolo over the controversy on the recent unbundling of NNPC to 30 companies.

Also read: We are not unbundling NNPC - Kachikwu

He acknowledged the communication gap between his office and the National Assembly on the issue of unbundling of the NNPC, adding that the concerns expressed by members were legitimate.

Kachukwu said that the unbundling was used to qualify the sub-sects otherwise called ‘Divisions’, and not companies as would have been applicable to the actual unbundling of the Corporation as stipulated in the PIB.

The minister on Wednesday in Abuja dismissed the assertion that the Federal Government had commenced the unbundling of the Nigeria National Petroleum Corporation (NNPC).

He said that what the corporation did was reorganisation of the corporation to achieve greater efficiency in the oil sector of the nation’s economy.

Source: Vanguard

- News 24


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