22 October 2015, Sweetcrude, Abuja – Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Ibe Kachikwu, says the privatisation of the nation’s downstream petroleum sub-sector will spur competition and develop the industry.
Kachikwu, who harped on the need to privatise the sub-sector, also said the NNPC was working on making gas available to Nigerians
According to him, plans were also on to produce cylinders and make them available to all Nigerian by 2016 while gas dispensing points would be brought closer to the people.
Speaking on the fate of the NNPC refineries in Warri, Kaduna and Port Harcourt, the group managing director disclosed that any of them performing below 65 per cent of capacity would be shut down in December, this year.
Kachikwu, one of the 37 ministerial nominees, noted that the reality was that functioning refineries were operating at only 25 per cent, contrary to reports that they were doing well.
He said that it was not enough for a refinery to produce at 65 per cent today and at zero per cent the next day, stressing that anytime crude was not utilised by a refinery, the government lost money.