The Federal Government of Nigeria announced that a consortium of South Korean investors is planning to construct four refineries in various locations across the country. The refineries will each have a capacity of 100,000 barrels per day. This was disclosed by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during the maiden summit of the Crude Oil Refineries Owners Association of Nigeria in Lagos.
Lokpobiri stated that the government is actively encouraging private sector investment in refining capacity through public-private partnerships, aiming to foster growth in both the midstream and downstream sectors of the oil and gas industry. The minister explained that the government had recently granted approval to invite the South Korean consortium to Nigeria as part of efforts to boost the country’s refining capabilities.
The minister further emphasized that the government’s goal is to ensure energy security by supporting modular refineries and new mega refineries. Lokpobiri noted that the Nigerian Upstream Petroleum Regulatory Commission has developed guidelines to ensure transparency in the industry and to guarantee local refineries have access to domestic crude oil supplies.
Additionally, the government is offering tax exemptions and import concessions on refinery equipment to stimulate investment, aiming to make Nigeria a petroleum refining hub for Africa. Lokpobiri also highlighted the importance of addressing crude oil theft and illegal refining through the establishment of an international emergency committee focused on refining solutions within the country.
This development is part of Nigeria’s broader strategy to achieve self-sufficiency in petroleum refining and reduce reliance on imports.
