The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Tuesday in Abuja after leading the Italian oil giant management team to a meeting with the Acting President, Prof. Yemi Osinbajo, said a Memorandum of Understanding, MoU, on the new refinery was already being prepared to pave way for the execution and completion of the refinery.
“The effect of this is that oil companies operating in Nigeria will begin to migrate from only exporting crude and begin to look at how to start refining this crude so that we will be able to meet our local consumption.
The minister added, “This new refinery, along with other things we are going to do with the refinery in Port Harcourt, gives us hope in our quest to try and increase our local capacity to produce every refined product we need in the country and to meet the timeline of 2019.
“We are now going ahead to work out the modality with Agip. I am also calling on other multinationals to see what they can do along this line.
” This is to make sure they are not only just taking away crude, but making other local investments. The total investment in area of power and the refinery from Agip is in excess of $15bn.”
The minister also urged other multinationals operating in the country to emulate Agip.