The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on The Nigerian National Petroleum Company Limited (NNPC Ltd.) to hasten and finalize its talks of partnering with two Chinese companies on its refinery projects.
The petition came through the National President of PETROAN, Billy Gillis-Harry, who said the recent fall in crude oil prices globally provides a golden chance for reform that would be beneficial to Nigerians.
Earlier on, NNPC Ltd. had signed a Memorandum of Understanding (MoU) with Sanjiang Chemical Company Ltd and Xingcheng (Fuzhou) Industrial Park Operation and Management Company Ltd on a Technical Equity Partnership (TEP).
The pact is meant to facilitate completion and smooth running of Port Harcourt and Warri refineries. Gillis-Harry emphasized the need for NNPC’s Group Chief Executive Officer, Bayo Ojulari, to finalize talks soon.
In his opinion, restarting these facilities with capable managers would enhance refining capacity and efficiency and reduce the cost of fuel.
He observed that this would ensure stability in terms of supply, foster healthy competition in the downstream industry and lessen the pressure on the consumers.
“The downward trend in crude oil prices, coupled with stable exchange rates and refining costs, put Nigeria in an excellent position to reduce prices of petrol for businesses and households,” he stated.
PETROAN reiterated its resolve to support a competitive and transparent downstream petroleum industry in which the prices would be competitive.
