The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri has disclosed that a consortium of investors from South Korea has concluded plans to build four 100,000-barrel capacity refineries in Nigeria.

The minister started this at the Crude Oil Refineries Owners Association of Nigeria submit in Lagos, stressing that government would continue to create enabling environment for investment in the industry.

He said: “We encourage investors to build limited refineries by providing an open environment.  A recent approval was granted to invite to Nigeria a consortium of investors from South Korea, which intends to establish four 100,000 barrels-model refineries in four different locations in Nigeria.

“We have adopted the public-private partnership model to unlock investment in the midstream and downstream segments of the oil and gas sector, which will lead to the establishment of more modular and mega refineries.

“The Nigerian Upstream Petroleum Regulatory Commission has developed and published the domestic crude supply obligation guidelines to ensure transparency in the oil industry and ensure access to feedstock by our local refineries.

“In addition, we prioritise and work with stakeholders to ensure effective implementation of the recommendations of the Modular Refinery Committee to give special concession to local refineries’ owners, thereby guaranteeing feedstock to their refineries.”

The minister that harped on complete deregulation of the sector, saying: “The ministry has facilitated easier access to existing tax and other exemptions on refinery equipment importation, which is part of our plan to make Nigeria self-sufficient for petroleum producers and become Africa’s petroleum refining hub.”