Investors threaten to withdraw from 20 modular refineries due to crude supply uncertainties.
Funding for 20 modular refineries in Nigeria is at risk due to foreign investors’ concerns over guaranteed crude oil supply.
The refineries face challenges as international oil companies hesitate to provide assurances regarding future crude availability, deterring investor confidence.
Only five out of the planned 20 refineries are operational, with the rest facing financial hurdles amid crude supply uncertainties.
Modular refinery operators emphasize the need for guarantees to secure financing and complete construction, advocating for regulatory intervention to mandate crude supply agreements with international oil companies.
Despite regulatory reluctance, modular refinery proponents argue that ensuring crude supply would benefit Nigeria’s refining capacity, potentially transforming the country into a regional hub for petroleum products.
They highlight the potential collaboration between modular refineries and major facilities like the Dangote Petroleum Refinery to address West Africa’s significant petroleum product importation gap.
Share News with us via WhatsApp:08163658925 or Email: naijaeyes1@gmail.com
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
