The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Malam Mele Kyari, has disclosed that Nigeria will end importation of Premium Motor Spirit (petrol) by the middle of 2023.
The NNPC boss hinged the projection on the gradually improving crude oil refining capacity of the nation’s refineries as well as the expected commencement of petroleum products refining by the Dangote Refinery next year.
Kyari, made this projection during his interaction with State House correspondents at the Presidential Villa, Abuja, when he spoke on the vision of the newly unveiled energy company (NNPC Ltd) and its recent interventions to tackle the challenges of crude oil theft in the country.
He, however, maintained that in the interim, petrol would still be imported to augment the refineries’ output as demand for PMS continues to increase nationwide.
Kyari clarified: “We will get our refineries back and run it as a business. We will restore the Port Harcourt refineries to 90 percent installed capacity. We are borrowing from the AFREXIM bank and we will borrow $1 billion for this purpose.
“Now, even if all our four refineries in three locations are operating at a 90% installed capacity, they will only be able to raise 18 million litres of PMS.
“This means even if all of them are working today, you will still see a net deficit of PMS import into this country because our population has grown, and our demand has grown such that the volume of PMS required in this country is almost exponential, there is exponential growth in our need for PMS.
“Happily, NNPC has 20 percent equity in the $25 billion Dangote Refinery. If the Dangote refinery comes up, it will have the ability to produce 50 million litres of PMS. So the ability to bring up our refineries will completely eliminate any form of PMS importation to this country by mid-next year.
“When we are done with our refineries and the Dangote refinery, you will see that we will become a hub of exporter, just not to the African region but to the rest of the world. By middle of next year, the flow of supply will change”, he added.
According to the industry expert, NNPC Ltd is now better positioned on its strive to become a leading player in the global energy space, even as he noted that the transparency level of the new company had hit new heights to make it attractive for investment.
