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Refinery closure in Europe will benefit Nigeria – Baru

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The recent reports that some European countries will be shutting down refinery operations is good news to Nigeria, according to the Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Baru.

The GMD was excited as there will likely be a relocation of refining operations from those countries to areas of higher demand for petroleum products like Nigeria. There were bright prospects for Nigerian refineries going by the current dynamics of the global oil and gas industry, Baru said.

In a recent publication of the NNPC obtained by Punch correspondent in Abuja on Sunday, the corporation’s boss further stated that apart from the projected closures of refineries in Europe, the emergence of the Dangote refinery would create competition in the refining sector that could be of benefit to NNPC’s refineries.

Baru disclosed this while speaking to employees of the Kaduna Refining and Petrochemical Company during a retreat that was organized by the management of the refinery.

He challenged workers at the Kaduna refinery to contribute their quota to maximize the value of the KRPC by increasing its capacity utilization to a globally accepted level.

On the planned export of natural gas to European countries, the GMD stated that the proposed Nigeria-Morocco gas pipeline would ultimately be linked up with the existing Maghreb-Europe gas pipeline in northern Morocco to supply gas from Nigeria to Europe.

Source Punch
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