Refinery owners solicit FG’s support to invest in local refinery

Private refinery owners under the aegis of the Association of Private Refineries Owners of Nigeria (APRON) have solicited for increased government support to enable them invest in the development of private refineries that would put an end to the importation of petroleum products.

They believed that at the completion of their individual refinery projects, Nigeria will have the capacity to meet the local demands for refined petroleum products, and have surplus for export, thereby saving the country much needed foreign exchange spent on importation of the products.

Ibrahim Hamzat, vice chairman of APRON said in a statement that many foreign investors have signified interest to partner with its members by providing funds for the building of the proposed refineries to create employment opportunities for millions of Nigerians and in turn reduce crime rate in-country.

The association however, called on the government to encourage foreign investors through their action. “Should our foreign partners withdraw their interest, it would affect the enormous funds committed into the various refinery projects, especially in the establishment of Hydrocarbon Processing Plants also known as Refineries.

Using a statement credited to Ibe Kachikwu, Minister of State for Petroleum that the government was going to revoke licenses granted to some investors to build refineries, for failing to utilise the licenses effectively and efficiently as example, APRON said that such a statement was capable of sending wrong signal to investors.

Giving reasons to why many private refinery owners have not been able to take off, Hamzat blamed increased activities of militants in the Niger-Delta region between 2015 and 2017 for the delay.

He however, urged the government to show more compassion for its members who are battling with many challenges, including rising required finances to set up refineries.

While soliciting for financial backing in the form of intervention funds to enable them take-off, Hamzat commended the Federal Government for taking necessary steps to calm frayed nerves in the Niger-Delta region, through the Acting President, Yemi Osinbajo’s shuttle diplomacy.

“We want the government to accompany this diplomatic engagement with widespread economic empowerment of the people through industrial development, as exemplified by private refineries owners, majority of who are from the Niger/Delta region.

He further called on the government, through the Minister of State for Petroleum, to engage their members in genuine dialogue with a view to removing the stumbling blocks hindering the actualisation of government’s dream for the petroleum industry.

AMAKA ANAGOR-EWUZIE