NNPCL CEO,Ojulari: We May Sell Off Refineries , Repair Becoming Complicated

The Group Chief Executive Officer of the Nigeria National Petroleum Corporation Limited NNPCL Mr Bayo Ojulari has hinted that the Government was considering outright sale of the Refineries in Kaduna Warri and Port Harcourt as the ongoing repairs was becoming complicated. He dropped the hint in an interview with @Bloomberg in Vienna , Austria.

The admission by the NNPCL helmsman comes on the heel of that of Aliko Dangote who said he doubted whether the Refineries would ever work again and former president Olusegun Obasanjo who said there was nothing to show for the over $2 Billion spent on Turn Around Maintenance of the Refineries in the last years.

Excerpt

“What we’re saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now.

So refineries, we made quite a lot of investment over the last several years and brought in a lot of technologies. We’ve been challenged.

Some of those technologies have not worked as we expected so far. But also, as you know, when you’re refining a very old refinery that has been abandoned for some time, what we’re finding is that it’s becoming a little bit more complicated.
So we’re reviewing all our refinery strategies now. We hope before the end of the year, we’ll be able to conclude that review. That review may lead to us doing things slightly differently.”