CORAN seeks intervention fund | The Nation Newspaper

Owners of modular refineries are seeking government intervention to expand their capacity to boost supply of petrol., in Abuja, yesterday, called for the establishment of a Refinery Intervention Fund to assist local refineries expand their capacity from the current 27,000 barrels per day to about 400,000 barrels per day.

“We have met with the NUPRC, on the issue, because the matter is captured under the domestic crude oil supply obligation which is clearly stipulated in the PIA, we have intimated them with the production capacity of local refiners and also sought their commitment on domestic crude obligation to all modular refiners. We have recently written to them again to ask for another meeting to know where they are on the issue,” he said.

“In such clusters, if you have modular refineries that could produce this crude into the local market it would be a good way to help the country to be self-sufficient in the refined products,” he said. “As refiners, our first interest is to serve the market; however, it is not to make the price of the products unaffordable to Nigerians.

According to him, it is government’s responsibility to provide a conducive environment for businesses to thrive.

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