The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu while speaking at the ongoing Oil Trading Logistics (OTL) conference in Lagos, yesterday, announced the government’s plans to reduce its level of fuel imports by 60 percent by the year 2018, The Sun reports.
Kachikwu, who was represented by the Senior Technical Adviser on Upstream and Gas, Mr. Gbite Adeniji, said one of the key priority areas in the road map for the oil industry is increased local refineries’ production capacity through the implementation of modular refineries and co-location.
To correct the imbalance in the current state of the country’s supply and distribution system, he said the country needs to build refineries and run them as profit centres that will purchase crude at international prices and deliver their products at export parity prices adding that this is the only viable basis for financing new infrastructure.
He equally canvassed a strong independent regulator to superintend activities in the sub-sector whose role would not be price-setting, but developing and enforcing open, fair and transparent rules in the downstream oil and gas sector.
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