Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Thursday assured that ongoing efforts to ensure 100 per cent refining of crude oil locally would reduce foreign exchange allocation by 30 per cent.

Kachikwu made the assurance while receiving members of the House of Representatives Adhoc Committee investigating the review of pump price of Premium Motor Spirit (PMS).

While receiving the lawmakers, the minister also assured that FG was aiming at refurbishing three refineries in the country using private capital, adding that the 2019 exit date for importation of petroleum products remained sacrosanct.

Kachikwu who emphasised the significance of deregulating the downstream sector of the industry, harped on the need for attractive investment going forward, as the sale of crude oil has become unattractive across the world.

In the bid to boost Nigeria’s local refining capacity, he said the three major refining projects underway in Katsina, Lagos and Brass Area would soon be concluded.

The representatives had embarked on a working tour to the corporation to express concern over the arbitrary imposition of price on Nigerian consumers following Federal Government’s resolve to remove subsidy.

Author: Yemi Olarinre