The federal administration has alluded to potential sales of the four publicly owned refineries for the umpteenth time. The government claims that the offer for sale is intended to draw in investors, increase competition, and promote efficiency in the downstream oil industry. Olu Verheijen, President Bola Tinubu’s Special Advisor on Energy, speaking with Bloomberg TV host Joumanna Bercetche on the fringes of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) on Tuesday.that the underperformance of the refineries in the states of Port Harcourt, Warri, and Kaduna has put the proposed sale of refineries on the back burner. Upon taking office, NNPCL Group Managing Director Bayo Ojulari stated that the business is actively reevaluating the refineries’ strategies and could complete the evaluation by year’s end. In an interview with Bloomberg during the 9th OPEC international seminar in Vienna, Austria, the head of NNPC acknowledged that renovating state-owned refineries was getting “bit more” difficult. Thus, during the past few years, we have invested heavily in refineries and introduced numerous technologies. We’ve faced difficulties,” Ojulari remarked.
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