The Crude Oil Refiners Association of Nigeria (CORAN) has called on the Federal Government to consider selling the Nigerian National Petroleum Corporation (NNPC) refineries in Port Harcourt, Warri, and Kaduna. The association believes that the proceeds from these sales could be utilized to finance the establishment and expansion of modular refineries across the country.
In a recent statement, CORAN emphasized the importance of modular refineries in enhancing Nigeria’s refining capacity and reducing dependency on imported petroleum products.
The association argued that selling the underperforming NNPC refineries would not only provide the necessary capital to support the growth of modular refineries but also drive efficiency and productivity in the nation’s oil sector.
READ ALSO: Nigeria Owes NNPCL N4.56 Trillion for Subsidized Petrol Sales
The association also highlighted that modular refineries, due to their smaller size and lower costs, can be quickly deployed to meet the country’s energy demands. This approach, according to CORAN, could be a more sustainable and economically viable solution to Nigeria’s long-standing challenges in the oil refining sector.
As the government considers various strategies to revamp the oil industry, CORAN’s proposal adds to the ongoing discourse on how best to optimize the nation’s oil resources and infrastructure for the benefit of all Nigerians.
