We Are Not Selling Our Refineries

Photo source: trendysturvsblog.com

 Dr. Ibe Kachikwu, the Minister of State for Petroleum Resources has stated that the Federal Government has no plan of selling it's refineries, he stated this during an official visit to the Port Harcourt refinery in Alesa Eleme in Rivers state.
 The Minister said "We are not inviting foreign partners to take over the refineries, we do not have the funds."
 "Even now that they (the refineries) are working, they are probably working at about 60 percent or below capacity and we need to upgrade these refineries, get them to a level where they are doing at least 90 percent performances and it requires money".
  He said the total amount for the investment process was in excess of $700 million and that the Federal Government do not have that much. Dr. Kachikwu said that foreign partners were invited so as to get technical support to upgrade Nigeria's capacity to achieve consumer quota and also start exporting.