The Nigerian Independent Petroleum Company (NIPCO) has sought the approval of the Federal Government to build a private refinery. Mr Tunji Adeniji, a director of the company, said in Lagos on Thursday that NIPCO would put an end to the lingering fuel scarcity in the country, if the government issued a licence to it to build the refinery.
Adeniji said the company had the capacity to build such a refinery, adding that it had since signified interest but had yet to receive governmentâ€™s consent. He said if private companies were allowed to build refineries, it would go a long way in addressing the biting fuel scarcity in the country.
â€œWe have the capacity to build an 80,000 to 100,000 barrels-per-day capacity refinery in the country, if given the opportunity. NIPCO is capable of supplying petroleum products nationwide, if appropriately licensed by the Nigerian National Petroleum Corporation,â€ Adeniji said.
He said under the deregulation of the downstream sector of the oil and gas industry, NIPCO had the expertise, contacts and financial strength to ensure uninterrupted supply of fuel to the Independent Petroleum Marketers of Nigeria (IPMAN) members nationwide at internationally competitive prices.
The director also said that the company had the facilities to complement the Nigerian National Petroleum Corporation in the supply of petroleum products nationwide. He said if NIPCOâ€™s request was approved, it would ensure that IPMAN members were well stocked with petroleum products at all times.
NIPCO, an indigenous petroleum marketing company, has been in business since 2004 and has tank farms nationwide. The NIPCO/IPMAN cooperative, which has more than 3,000 independent oil marketing outlets all over the country, has been acknowledged as the second largest employer of labour in the sector.