Petrol Subsidy Hits N905.27bn As Oil Rises To $79.71
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, said the corporation will no longer be involved in the management of the nation’s refineries.
Kyari said this policy direction will come into force upon the completion of the rehabilitation of the refineries.
He said this on Wednesday as a special guest on an Arise TV programme, The Morning Show.
He said the services of a company would be procured to manage the plants on an Operations and Maintenance (O & M) basis.
“We are going to get an O&M contract. NNPC won’t run it”, he said.
“We are going to get a firm that will guarantee that this plant would run for some time.
“”We want to try a different model of getting this refinery to run. And we are going to apply this process for the running of the other two refineries,” he added.
Kyari explained that the plan, ultimately was to get private partners to invest in the refineries and get them to run on the NLNG model.
Under the model, shareholders would be free to decide the fate of the refineries going forward.
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