The Nigerian National Petroleum Corporation (NNPC) says its interest to acquire 20 per cent equity stake in Dangote Refinery was fueled by the need to ensure energy security for Nigeria.
In a statement issued by the Corporation’s Group General Manager, Group Public Affairs Division, Kennie Obateru, the move reflects government policy directive which stipulates the mandatory participation of the Corporation in any privately-owned refinery that exceeds 50,000 barrels per day capacity, in keeping with its statutory role of safeguarding national energy security.
He explained that NNPC’s equity participation in private refineries would not undermine its commitment to the rehabilitation of its own refineries and strengthening of the domestic refining sector, adding that the Corporation has identified six refinery projects in which it intends to seek equity participation, but five of them are at the development stage.
According to him, NNPC plays the dual role of providing energy security for the country as well as stimulating the nation’s economic development and growth resources for the benefit of all Nigerians and other stakeholders.
Obateru stated that the Corporation’s strategic objective requires it to consider strategic partnerships with competent investors in sectors of the oil and gas value chain especially where it currently operates on a sole risk basis.
He listed the oil refining sector as one of the segments where the Corporation is utilizing its strategy to strengthen domestic refining capacity and guarantee National Energy Security, adding that the vision is to grow domestic refining capacity, improve petroleum products supply from our local refineries and becoming a net exporter of petroleum products.