The Federal Government’s plans to reinstall the country’s Refineries by the Minister of State, Petroleum Resources, An experts in the petroleum downstream industry, Timipre Sylva, said that there’s lack of credibility to restructure the sector and bring the refineries to full operation from the government.
The country produces 524,000 barrels per day capacity with four refineries. However, the refineries have had a poor operating record with average capacity utilization floating between 15 and 25 percent per annum in the last 20 years.
In other words, 70-80 percent of the national petroleum products order is met through importations.
Yet the petroleum industry operators have persist that the Federal Government can’t make efficiency in the country’s refineries.