FG urges Nigerians to invest in refining business
Department of Petroleum Resources (DPR) Director General Sarki Auvalu, an engineer, urged Nigerians to take advantage of the favorable environment created by the department and invest in refining.
Auvalu, who spoke during a tour of the Niger Delta Oil Resources Facility (NDPR) in Ahoada in Rivers State, said the DPR was a business tool and provider of opportunity, adding that Nigerians have a good opportunity to explore the rich oil and gas reserves. and invest in the oil refining business.
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He urged people involved in illegal oil refining to refrain from doing so, and it is better to engage in legal refining of oil products, saying that DPR is ready to license real investors in the oil refining industry.
“Locally, we have about seven private refineries, including the 11,000 barrels Niger Delta Petroleum Resources refinery. We have another 10,000 barrels to come on stream. We have an additional 5,000 barrels in production and 650,000 barrels yet to come into production, as well as 200,000 barrels in refining. And we have licenses that exceed 20, ”he said.
He said seven modular refineries are producing 40,000 barrels, while the government’s 445,000 barrels are underutilized.
Source: – Daily Trust