The group managing director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has said that the organisation may sell refineries that fail to work optimally by the expiration of the 90-day ultimatum for their rehabilitation.
Speaking with newsmen, Kachikwu said that the ultimatum expires in December, after which any refinery which does not work optimally will be sold.
Kachikwu said “by the end of December when the 90-day ultimatum will expire, any refinery that does not work optimally will be sold.
“If by December, the refineries don’t work, I will export crude allocation and import refined petroleum products until we fix the refineries.
“Right now, the Port Harcourt refinery is showing signs that it will meet the December deadline.
“However, I am not saying Warri and Kaduna refineries will not meet the deadline, but I hope they all make it, so that we can continue to utilise our crude allocation to boost domestic refining,’’ he said.
Kachikwu expressed the hope that the NNPC cash call arrears, which stood at N1.1 trillion, would be settled by the end of December 2015.
“By December, I hope to settle all the cash call arrears and grow Nigerian Petroleum Development Corporation (NPDC) to where it is supposed to be,’’ he said