Nigeria’s state-run oil firm Nigerian National Petroleum Corporation (NNPC) on Friday reassured Oando, ONGC Mittal Energy (OMEL), and other oil firms that it fully supported building the OPEC member’s first crude refinery in more than 20 years.
Mohammed Barkindo, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), said NNPC will partner investors to develop the Lekki Greenfield Refinery near the commercial capital Lagos with the aim of starting production in 2017.
Nigeria’s four state-owned refineries have failed to keep pace with surging domestic demand for electricity and gasoline, forcing Africa’s biggest energy producer to import 85% of its fuel needs. Read the rest of this entry »
Nigeria’s top fuel retailer and gas distributor Oando Plc has received shareholders’ approval to raise N200 billion ($1.34 billion) through debt and equity over the next two years to expand its business, Oando said on Monday.
