NNPC Adopts Technical Equity Model for Refinery Rehabilitation – Ojulari
The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) says it is pursuing technical equity partnerships with experienced refinery operators to ensure sustainable performance of its refineries.
Mr Bayo Ojulari, Group Chief Executive Officer, NNPC Ltd., said this while addressing newsmen on Tuesday in Abuja.
Ojulari said the company would partner with proven records in operating refineries and petrochemical plants, who would also take equity stakes in the facilities.
“The model will align the interests of NNPC and its technical partners towards achieving sustainable results from the refineries.
“Chinese investors have shown strong interest in the two refineries, although no final agreement had been signed,” he said.
He said that an existing Memorandum of Understanding (MoU) provided for the Chinese team to conduct technical studies before submitting a proposal to NNPC.
“Once the Chinese finish the report of their study, they will come back to us with a proposal. Following that proposal, we will go into negotiations, both commercial and technical,” he said.
Ojulari said the level of commitment by the Chinese was demonstrated by the deployment of 33 top engineers, who had spent about three months assessing the facilities.
He said the technical studies would provide the basis for determining the next steps towards possible partnerships on the rehabilitation of the refineries.
The NNPC boss, however, said work had not commenced on the Kaduna Refinery, although the company remained committed to advancing the process.
He said NNPC was working towards becoming a globally competitive energy company, stressing that the company needs to set high standards for transparency, accountability and sustainable performance.
“We are going to be Saudi Aramco (state-owned national petroleum and natural gas enterprise of Saudi Arabia, one of the World’s largest energy companies)
“That is what we are talking about. Nothing less,” he said.
He said that achieving that ambition required the company to strengthen its governance, transparency and performance standards. #NNPC Adopts Technical Equity Model for Refinery Rehabilitation – Ojulari# No Date Yet for IPO, Listing Decision Rests with Stakeholders – NNPC
