Nigeria striving to reduce petroleum product importation: minister

Nigeria is striving to reduce importation of petroleum products, Minister of State for Petroleum Resources Ibe Kachikwu said Thursday.

In a statement to Xinhua, the minister said such effort will receive a boost if major International Oil Companies (IOCs) operating in the country build signature refineries.

Signature refineries are bigger than modular ones but do not produce up to the large-scale refineries in Nigeria. They are built mainly to augment local need to reduce importation.

Kachikwu, who recently had an audience with officials of oil giant ExxonMobil, made a case for the deepening of investment in the oil and gas sector by IOCs operating in Nigeria.

He met with Eni in January and the Italian company pledged to work with Nigeria to revamp the Port Harcourt Refinery.

He has also scheduled meetings with Shell, Chevron and Total.

Kachikwu urged ExxonMobil to deepen its investments in the country by developing human capital.

He said this could be run on joint-venture basis with the Nigerian government providing the needed incentives.

The minister reiterated the gains made through the signing of the repayment agreement for the Joint Venture Cash Call in 2016, saying the initial payments to the IOCs would be made by end of April.

He said it would be expedient if the IOCs reciprocated the government's gesture and commitment by ensuring that they ramp-up investments in the sector.

He also commended the IOC for its enduring partnership with Nigeria which, he said, had grown stronger over the years. Endit