The Nigerian National Petroleum Corporation (NNPC) is establishing two new 200,000 barrels-per-day condensate refineries to boost in-country refining capacity.
Unlike the conventional refineries, condensate refineries primarily refine condensate, not crude oil. They often produce one product, mostly Premium Motor Spirit, popularly known as petrol.
NNPC’s Group Managing Director, Mele Kyari, disclosed in a statement issued by the oil firm in Abuja on Monday that upon completion, the condensate refineries would help transform Nigeria into a net exporter of petroleum products.
He said the export of petroleum products from the condensate refineries will be achieved together with the 445,000bpd capacity of the existing refineries, which are being refurbished, and the 650,000bpd Dangote Refinery.
Kyari said these complementary efforts by NNPC and Dangote Group would guarantee energy security for Nigeria.
He also stated that the national oil company was not in a contest for market share with the Dangote Refinery, rather would provide support to the project to boost in-country refining capacity.
The NNPC boss said, “Our objective is to make Nigeria a net exporter of petroleum products and you can only achieve that by complementing each other, both the public and the private sector.
“We are going to do more and we actually need more of these private sector refineries for Nigeria to become a net exporter of gasoline and other associated products.”
The statement also stated that the Federal Government pledged to support the 650,000 barrels-per-day capacity Dangote Refinery and Petrochemicals Plant with crude oil feedstock and other necessary inputs.
The Minister of State for Petroleum Resources, Timipre Sylva, said the refinery would attract more Foreign Direct Investment into Nigeria upon completion.