Nigerian oil firm NNPC seeks $1billion prepay to refurbish Port Harcourt refinery

Nigeria’s state oil firm NNPC is in talks to raise around $1 billion in a prepayment with trading firms to refurbish its largest refining complex at Port Harcourt, seven sources familiar with the discussions said. If the financing is concluded, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It… Read More Nigerian oil firm NNPC seeks $1billion prepay to refurbish Port Harcourt refinery

House of Reps. curbs sale of three national refineries

The House of Representatives Committee on Privatisation, yesterday, stopped the proposed sale of the nation’s three refineries by Nigerian National Petroleum Corporation, NNPC. They are Port-Hacourt, Kaduna and Warri refineries. The committee made the pronouncement after engaging officials of the NNPC and the Bureau of Public Enterprises,BPE, on the exercise and declared that NNPC violated… Read More House of Reps. curbs sale of three national refineries