The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has said that about 25 licences that were given to private operators between 2002 and 2014 to build refinery complexes in Nigeria will be reviewed again and those that have remained inactive will be revoked.
According to Kachikwu the new move by the government is geared towards sanitizing Nigeria’ downstream petroleum sector.
He noted that those who had crossed certain acceptable operational thresholds would be allowed to go on with their works while those who haven’t would be cancelled.
The minister noted that government would henceforth require investors in refineries to show some level of commitment to their plans as they submit their requests, adding that refining licences would no longer be issued in a discretionary manner.
“You are going to show us the kind of financial model already in place and guarantees that you have the funding to do it, but we will also be helping them by doing what we can, by making sure that they get products at the right prices,” Kachikwu stated.