The federal government, through the Nigerian National Petroleum Corporation (NNPC), is in talk with consortium which include top traders, energy and oil companies to revamp the abandoned refineries.
The first consortium comprises Vitol, Saipem, General Electric, Sahara Group and MRS Oil Nigeria. The companies are expected to refurbish the Warri and Kaduna refineries, while the second consortium is made up of Trafigura, Eni, Cepsa and Oando who will repair the refineries in Port Harcourt.
The talks, when concluded, will help save billions of dollars spent on fuel importation. The deal will involve the exchange of products for cash, obliging the consortiums to revive the refineries and keep them running smoothly to ensure they earn profit from their investments.
$5.8 billion was spent on importation of refined fuel since late 2017.
FG set to revamp refineries, in talks with consortium