According to the Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, the Federal Government needs about $500m to fix the nation’s crude oil refineries which have all been shut down. This he revealed at a forum organised by the Petroleum Club Lagos to celebrate his recent appointment as the NNPC GMD.
According to Dr. Kachikwu, the Port Harcourt Refinery, which was refining crude some weeks ago had stopped working and had since been shut down. Meanwhile, the Warri and Kaduna refineries still remain shut.
He said, “I was initially happy with the progress made at the Port Harcourt Refinery when it operated at 60 per cent capacity some weeks ago. But now, the capacity has dropped so low that we had to shut it down. We will need about $500m to fix them.”