Fuel importation will end by 2023, says NNPC boss

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, said Nigeria would stop importing petroleum by 2023.

Kyari noted this during the weekly Ministerial Briefing, hosted by the Presidential Communication Team at the Presidential Villa, Abuja on Tuesday.

He said, “The NNPC owns 20 percent equity in the Dangote refinery and not only that, and we’re very proud of this. We’re not only owning 20% equity, we have the first right of refusal to supply crude oil to that plant. But we saw this energy transition challenge coming we knew at that time will come when you will look for people who will buy your crude oil you will not find and that means that we have locked down the ability to sell crude oil for 330,000 barrels minimum by right for the next 20 years.

“Also, by right, we have access to 20% of the production from that plant. That means that whatever it does, you know we have a right to take 20 per cent of that production as part of our equity and this refinery will come on stream latest by the middle of next year.

“Projection is the first quarter, but we think that it can come up latest by the middle of next year. If it does, this refinery alone, because it has a 650,000 per barrel capacity and different technology, means that it can crack the crude in a manner that you can have more gasoline than a typical refinery.

The CEO said, “That means that the refinery has the ability to produce up to 50 million litres of PMS. So, the combination of that and our ability to bring back our refinery will completely eliminate any potential petroleum product into this country next year. You will not see any importation into this country next year. This is very practical. This is possible.

“As a matter of fact, when we’re done with our refineries and the Dangote Refinery, very many small initiatives that we are doing; small, modular, condenser refineries that we’re building, if that happens, and we are very optimistic it will happen, you will see that this country will now be a net exporter, we hope of export of petroleum products, not just to the west African sub-region, but to the rest of the world.”

Chinyere Treasure Mbadiwe
Chinyere Treasure Mbadiwehttp://wakadaily.com
Chinyere Treasure Mbadiwe is the Co-founder and CEO of Wakadaily News. With a B.Sc. in Business Administration from the National Open University of Nigeria (NOUN), she brings a wealth of leadership and strategic expertise to the platform. Chinyere is passionate about delivering high-quality, engaging news that informs and empowers audiences. Her vision for Wakadaily is to create a space where reliable, diverse, and impactful content connects people and fosters informed conversations.

Popular Related

Sanwo-Olu canvasses environmentally-friendly real estate

Babajide Sanwo-Olu, the Lagos State Governor emphasized the critical importance of innovation, sustainability, and inclusivity in shaping the future of the real estate sector...

Customs Q1 revenue surpasses N1tn, rice tops N10bn seizures

In the first quarter of 2024 , the Nigeria Customs Service, declared on Wednesday that a 122.35 percent increase while comparing it to the...

CSCS posted N19bn revenue in 2023

The Central Securities Clearing System (CSCS) Plc recorded gross earnings of N19 billion, representing a remarkable 65.2% increase in its 2023 financial year when...

MMA Customs generate N28bn revenue in two months

According to the Nigeria Custom Service, Muritala Muhammad Airport Command said it generate N28bn within two months. Victor Ogagbor, the Public Relations Officer of the...

Tinubu sacks five aviation CEOs, suspends NCAA boss

President Bola Tinubu yesterday, sacked five Chief Executive Officers in the aviation sector, replacing them with acting and substantive heads. The sacked CEOs include, Mr. Kabir...

Naira recovery now tackle inflation — BDCs

Following the economical crisis and level of hardship, the Association of Bureau de Change Operators of Nigeria has noted  that the recovery of the...

Housing minister promised to punish corrupt developers

Ahmed Dangiwa, the Minister of Housing and Urban Development, has warned that real estate developers cutting corners would be punished. The Minister made this known...

$2.3bn Siemens power project transformers, substations arrive Nigeria

Adebayo Adelabu, the Minister of power disclosed on Sunday that the Electricity transformers and substations meant for the $2.3bn Siemens power project have arrived...

Govt may allow customers acquire meters from any manufacturer – Adelabu

In an act to meet up with the metering programme of the Federal Government, Adebayo Adelabu, the Minister of Power declared that customers are...

NAMA says Strike didn’t hamper airway operations

The Nigerian Airspace Management Agency (NAMA), said the nation’s airspace remained open to flight operations despite the strike action embarked upon by the Nigerian...