The Federal Government has said that it favours private sector investment and subsequent joint ownership and management of the country’s three refineries in Warri, Port Harcourt and Kaduna for greater efficiency, adding that it would not spend its money on the refineries anymore, The Punch reports.

The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, said this when he received members of the House of Representatives Committee on Petroleum (Upstream), who were on an oversight visit to the ministry on Tuesday. He said the three refineries are not up for concession or privatisation, as there is no plan to do so.

Kachikwu said the government was working hard to bring in private investment capital to strengthen the plants in order to boost the nation’s local refining capacity. According to him, prospective private investors will bring in their money, take part in managing the refineries and from there, they will recoup their investments.

The post FG looking for private sector participation in refineries not privatisation – Kachikwu appeared first on Energy News | Oil and Gas News – Energy Mix Report.

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