By Sebastine Obasi

More than five years after former President Goodluck Jonathan adopted a Gas Master Plan; the President Muhammadu Buhari government is set to adopt a new national oil and gas master plan that will promote modular refining.

Speaking at the African Modular Refinery Seminar in Lagos, Vice President Yemi Osinbajo, said: “The Federal Government would execute and adopt a national oil and gas master plan.”

Represented by Ambassador Jide olu, the Vice President disclosed that “Modular refineries must be part of our options. To that effect, our manufacturing and fabrication must be competitive in terms of quality and cost.”

Osinbajo also said that Nigeria is set to encourage indigenous companies take full advantage of the nation’s petroleum industry despite the prevailing low oil prices.

Although he did not explain further, he however assured that indigenous companies would be encouraged to establish modular refineries.

Also speaking, the Chairman, Petroleum Technology Association of Nigeria, PETAN, Mr. Bank-Anthony Okoroafor, said the establishment of modular refineries can boost supply of petroleum products by five million litres in two years.

He also advocated for the privatisation of the nation’s refineries to achieve efficiency, saying: “PETAN pushes for private participation in the running of the nation’s refineries. Let us privatise them if we want to achieve efficiency. The low oil price has given us an opportunity to invest in the sector now more than before,” he added.