The Nigerian National Petroleum Company Limited (NNPCL) is seeking $60 billion in fresh investments to expand Nigeria’s refining capacity to 500,000 barrels of crude oil per day.
Group Managing Director, Engr. Bayo Bashir Ojulari, disclosed this during a courtesy visit to his office by the Nigeria Extractive Industries Transparency Initiative (NEITI). He noted that the company is also working to raise crude oil production to 3 million barrels per day.
Ojulari further revealed that the NNPCL has come under attacks from individuals and groups opposed to its ongoing transformation, describing them as people who do not mean well for Nigeria.
Currently, NNPCL operates three refineries—Kaduna Refinery (110,000 bbl/d), Port Harcourt Refinery (210,000 bbl/d), and Warri Refinery (125,000 bbl/d)—with a combined installed capacity of 445,000 barrels per day. However, none of these facilities is functional, despite huge sums previously spent on turnaround maintenance.
Daily Trust reports that the company once considered selling the refineries before reversing the decision. Speaking further, Ojulari emphasized that the company’s vision includes scaling up gas utilization as part of its long-term growth strategy.
