Abuja - The Federal Government has said refineries in the country will soon be allowed to operate as semi-autonomous entities in order to run as profitable ventures, Punch reports.
The Minister of State for Petroleum Resources and Group Managing Director (NNPC) Dr. Ibe Kachikwu, disclosed this during an interactive session with Nigerians living in Vienna, Austria.
He said the government is set to raise funds from international investors and the private sector in 2016 to fund the Joint Venture cash calls between the Nigerian National Petroleum Corporation and International Oil Companies operating in the country.
Also read: 65 private refineries get Buhari's approval
The minister stated that the initiative was geared towards preventing the Federal Government from bearing the burden of funding capital intensive projects in the upstream sector of the oil and gas Industry, adding that in the next 24 months, Nigerians would see a positive turnaround in the corporation’s refinery model.
Kachikwu said that a ‘Clean Nigeria after Oil Initiative’ would be introduced in 2016.
He said the initiative would put in place a process where all the IOCs operating in Nigeria would adopt global best environmental practices to guarantee the sustenance of the flora and fauna of communities where they operate even after they had long gone from the country.
Read more at Punch
- News 24