The failure of refineries in the country has affected the Nigerian National Petroleum Corporation (NNPC) yearly revenue of $1 billion.
This was revealed by the Chief Operating Officer for NNPC Upstream, Bello Rabiu in Cape Town, South Africa on the sidelines of the African oil and gas conference.
According to him, the “NNPC hopes in 2019 to emulate savings of around $1 billion seen in 2016 with its crude-for-product swaps, which would likely end once Nigeria revamps its refineries.
“If our refineries are back, which we want in the next 18 months, this thing will stop. So, all these are just stop-gap measures, but the key issue is that we wanted to import at the least cost before our refineries come back on-stream.”
He added that “It is on track and I believe if we don’t sign a final deal (on the project to upgrade refineries) this month of November we will surely sign in December.”