Mele Kyari, the Chief Executive Officer of the Nigerian National Petroleum Company, NNPC Limited, says the Dangote Petrochemical Refinery will serve as energy security for Nigeria.
He spoke at the commissioning of the 650,000-barrel crude oil refinery by President Muhammadu Buhari in Lagos today.
The refinery, by the time it starts work fully will provide over 130, 000 indirect and direct jobs for Nigerians, according to Godwin Emefiele, the Central Bank of Nigeria, CBN governor.
Not a few have disagreed with the view that the gigantic refinery owned by Africa’s richest businessman Aliko Dangote will solve the nation’s perennial fuel problems.
But the NNPC Limited chief executive said the refinery represents positive implications for the nation’s energy and national security.
According to him, the war between Russia and Ukraine has redefined the world energy supply and the need for countries to seek self-sufficiency in energy for their citizens.
Kyari said, “The benefits will be real and tangible for consumers as well as the economy and the country more generally.
“This remarkable achievement is not taking place in a vacuum, this extraordinary facility that we see here today is not standing alone, but with the enabling environment that our government continues to provide and we are most grateful for this.
“The reforms that we have undertaken in the Nigerian petroleum industry under the leadership of President Muhammadu Buhari were built around a clear set of principles that anticipate the tremendous changes that will take place in the international energy market in the decades to come.
“NNPCL will continue to support investment in domestic refining to satisfy the growing demand for refined petroleum products in both local and regional markets as against simply exporting crude to diminishing markets overseas.”
“The Dangote Refinery with the new deal that we have been building, supported by the enabling Petroleum Industry Act (PIA), will surely provide domestic security of supply in our country.
“The lingering challenges of petroleum subsidies are clearly getting out of the capacity of the state to bear and the differentials that domestic refining will provide are insignificant and cannot compensate for the subsidies.”
Meanwhile, Dangote said the first fuel products from the refinery will be ready by next month.
ng of the 650,000-barrel crude oil refinery by President Muhammadu Buhari in Lagos today.
The refinery, by the time it starts work fully will provide over 130, 000 indirect and direct jobs for Nigerians, according to Godwin Emefiele, the Central Bank of Nigeria, CBN governor.
Not a few have disagreed with the view that the gigantic refinery owned by Africa’s richest businessman Aliko Dangote will solve the nation’s perennial fuel problems.
But the NNPC Limited chief executive said the refinery represents positive implications for the nation’s energy and national security.
According to him, the war between Russia and Ukraine has redefined the world energy supply and the need for countries to seek self-sufficiency in energy for their citizens.
Kyari said, “The benefits will be real and tangible for consumers as well as the economy and the country more generally.
“This remarkable achievement is not taking place in a vacuum, this extraordinary facility that we see here today is not standing alone, but with the enabling environment that our government continues to provide and we are most grateful for this.
“The reforms that we have undertaken in the Nigerian petroleum industry under the leadership of President Muhammadu Buhari were built around a clear set of principles that anticipate the tremendous changes that will take place in the international energy market in the decades to come.
“NNPCL will continue to support investment in domestic refining to satisfy the growing demand for refined petroleum products in both local and regional markets as against simply exporting crude to diminishing markets overseas.”
“The Dangote Refinery with the new deal that we have been building, supported by the enabling Petroleum Industry Act (PIA), will surely provide domestic security of supply in our country.
“The lingering challenges of petroleum subsidies are clearly getting out of the capacity of the state to bear and the differentials that domestic refining will provide are insignificant and cannot compensate for the subsidies.”
Meanwhile, Dangote said the first fuel products from the refinery will be ready by next month.
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