By Bisi Bamishe
Nigeria’s effort to boost its refining capacity seems to be paying off, as petroleum product retailers signed a deal with three oil companies to establish a 50,000 barrels per day capacity refinery.
The Petroleum Products Retail Outlet Owners Association of Nigeria signed an agreement with Claridge Petroleum Company Ltd, Oasis Petrochemical Products Limited, and Afrintech.
The National President of PETROAN, Billy Gillis-Harry, disclosed that the agreement was signed to give Nigerians affordable fuel. According to him, the refinery would be sited in Akwa-Ibom State. Gillis-Harry added that PETROAN had earlier signed a deal with the three companies to import “cheaper fuel” into the country.
It could be recalled that the association said in November that it would import and sell PMS below the cost offered by the Dangote refinery and the Nigerian National Petroleum Company Limited.
However, Gillis-Harry said the import agreement had been cancelled for the establishment of a refinery. This, he said, became necessary following an agreement signed by stakeholders to end fuel importation.
