Nigeria is the only OPEC country that imports petrol -Baru

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The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said Nigeria is the only member country in the Organisation of Petroleum Exporting Countries (OPEC) that imports petrol, adding that the country is currently the largest importer of Premium Motor Spirit (PMS) in the world.

Baru, who was represented by NNPC’s Chief Operating Officer (COO), Upstream, Alhaji Bello Rabiu, at the 2018 Oloibiri Lecture Series and Energy Forum (OLEF) while responding to questions from delegates, said the country had reached such import level because the refineries had not worked to their maximum capacity.

“As we speak today, Nigeria is the only OPEC country that imports petrol and we are the largest importers of PMS in the world.

“We actually import one million tonnes of PMS every month into a country that produces oil and gas refinery. It is a shameful thing, it doesn’t make sense and that is what we are trying to address,” he said.

Baru noted that the refineries have not been operating at maximum capacity, but that the NNPC was working to address these challenges with the imminent announcement of investors who would bring in funding for the repair of the plants.

According to him, “Upgrades of our refineries from the current nameplate capacity of 445,000 barrels of crude oil per day (bpd) to at least 1 million bpd is the focus. Discussions with relevant investors and financiers are ongoing. The expectation is that the refineries will be fully back on stream by December 2019.”

Earlier, in an oil industry address, the GMD announced that Nigeria had seen the most aggressive drop in gas flaring from a peak of 2.5 billion standard cubic feet per day a few years ago to about 700 million standard cubic feet per day.

The Chairman of SPE Nigeria Council, Mr. Chikezie Nwosu said the SPE-OLEF now in its 18th year, had become a forum that brought together key industry players to discuss on topical issues in the energy industry with a view to influencing the right policy direction to enable the growth of the industry and the economy.

The OLEF organised annually by the Society of Petroleum Engineers (SPE), Nigeria Council, in commemoration of the first oil well drilled in Nigeria at Oloibiri in Bayelsa State in 1956, brings together key industry players to chart the right path for the oil sector.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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