Oil industry experts at the Aret Adams foundation’s 15th annual lecture series said yesterday that with the nation’s growth rate, about an extra 300,000 barrels per day in addition to the current 450,000 barrels per day allocation from the nation’s four refineries, is required to meet demand for petroleum products’ consumption.

The lecture, chaired by a former GMD of the Nigerian National Petroleum Corporation (NNPC) and Chairman, Brass LNG, Jackson Obaseki, also recommended that the existing refineries should be rehabilitated and brought back into operation to at least 80Rs 90% capacity utilization.

Once brought back, the refineries should be managed on a fully commercial governance structure in which decision making should rest with the management and board of the plants, with full control of their funds and be allowed to market their products directly to off-takers to recover maximum value.

Source: Daily Trust