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We need $10bn to build new refinery in Nigeria – NNPC

The Nigerian National Petroleum Corporation (NNPC) has said a princely  $10 billion is required  to build a new refinery in the country, far beyond the $1.5 billion bugetted for the rehabilitation of the Port Harcourt refinery.
Mele Kyari, NNPC Group Managing Director, disclosed this yesterday  in Abuja while speaking to journalists  on issues arising  from the proposed rehabilitation of the Port Harcourt refinery recently approved by the Federal Government.
Kyari further added  on the sum, stressing that to construct a refinery the size and nature of the Port Harcourt refinery in the country, it will cost the federal government around seven  billion dollars and 12 billion dollars.
 He ,however, stressed the country does not have the financial muscle now to build a new refinery due to the country’s economic.
 He added  that the country would have to live with importation of petroleum product, especially Premium Motor Spirit (PMS), for another four years if it  ventures into building a new refinery.
“We have people saying why not build a new one; why will you repair an old refinery with 1.5 billion dollars? The fact is available even by Google search, what it takes to build a refinery of this status today.
“lt will be difficult for the country to build a new refinery as it will take four years for it to commence production. It is around seven billion dollars and 12 billion dollars to construct a refinery of this nature (Port Harcourt refinery).
“This is the estimate you see in public space and there are things you do outside the construction battle-limits”

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