Refineries will get external financial help – Kachikwu

The Minister of State of Petroleum Resources, Dr. Emmanuel Ibe Kachikwu has said that the country’s four refineries: Kaduna; Warri and Port Harcourt would be given external help to keep them active even after repair works on them are completed, Daily Independent reports.

Speaking with journalists during his inspection tour of the Port Harcourt Refinery Company (PHRC) recently, he said: “We will shut them down, repair them and bring in external help. My assessment today is that Kaduna is up. Port Harcourt is coming up but not at the level where they would not need help. We will likely see both Warri and Kaduna not shut down, but we are going to work on mechanisms whereby they can keep producing on a part time basis.”

“We are going to bring in third party financials to help us put money into them, get them holistically where they should be and then work out the payment structure. My position is that irrespective of whatever we do, these refineries must be brought back through financing to the levels where they should be, otherwise we are wasting our time,” he added.

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