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FG should float $1bn fund to complete new refineries — Refinery owners

However, President of Crude Oil Refinery-owners Association of Nigeria, CORAN, Mr. Momoh Oyarekhua, said: “ The coming on stream of Dangote Refinery is a very good development, especially as it would reduce huge dependence on imported petrol, conserve foreign exchange and create additional jobs." The government needs to support the construction of other indigenous refinery projects, currently at different stages nationwide. We have proposed the creation of $1 billion fund…

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CORAN Dialogues with Minister of State for Petroleum, Intensifies Demand for Crude Oil Supply

As Nigeria grapples with the low supply of premium motor spirit (PMS), also called petrol, into the country due to scarcity of foreign exchange to boost importation, modular refinery owners are seeking government intervention to expand their refining capacity thereby improving supply. The refinery owners, under the aegis of Crude Oil Refinery-owners Association of Nigeria (CORAN) who met with the minister of state, Petroleum Resources (Oil), Senator Heineken Lokpobiri, in…

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Support for modular refineries will give Nigerians cheaper fuel – CORAN

Momoh Oyarekhua, Chairman of CORAN, states that supporting modular refineries will grant Nigerians access to cheaper fuel, eliminating various costs such as importing refined products and clearing fees. According to Oyarekhua, four modular refineries are functional in Nigeria, producing various petroleum products except fuel (PMS) due to the high cost of obtaining the required reformer. Oyarekhua highlighted that those modular refineries, located near wellheads in states such as Delta, Edo,…

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CORAN seeks more investment in modular refineries in Nigeria 

The Chairman, Board of Trustees of the Crude Oil Refiners Association of Nigeria (CORAN), Captain Emmanuel Iheanacho, has called for greater investment in the establishment of modular refineries in Nigeria, as a step towards improving the oil and gas downstream sector. Iheanacho, who is also the Chairman of Eko Refineries and Integrated Oil & Gas Nigeria Ltd told newsmen in a chat on Friday in Lagos that having efficient crude…

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Insufficiency in the supply of crude oil presents a pressing concern that directly threatens the operations of modular refineries – Momoh Oyarekhua

A notion shared by industry experts is that it is not economically viable to operate modular refineries in the country… Mr. Momoh Oyarekhua made the observation during an exclusive interview on Channels TV Business Morning show on Monday where he shed light on issues bordering on the removal of fuel subsidy and how Nigeria can achieve optimal production and supply of required oil & gas products for the country, locally…

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