Nigeria ’ll Fix Refineries, Says Kyari

Iran oilThe crude oil refinery at Mongstad, Norway, Tuesday, January 6, 2004. Photographer: Rogan Macdonald
  • Nigeria ’ll Fix Refineries, Says Kyari

The Nigerian National Petroleum Corporation (NNPC) will revamp the refineries to improve fuel demands across the country, its Group Managing Director, Mr Mele Kyari, has said.

He spoke at the sidelines of the 176th Meeting of Organisation of Petroleum Exporting Countries(OPEC) in Austria,Vienna.

According to him, the national oil company would improve in-country refining of crude through multiple channels and collaboration, in

order to enable Nigeria become a major exporter of fuel by 2020.

In a statement from Vienna, Kyari said the country’s ability to drive its revenue depends on the right pricing of crude oil and increase in volume of production.

He said the two factors play crucial roles in sustaining revenue generation of any oil producing country.

He said NNPC would assist in improving security in the Niger-Delta, engage communities in the region, among taking other measures to restore peace.

He said Nigeria would continue to support the declaration of cooperation that has helped in restoring stability in the global oil market.

Kyari said: ”Through the Declaration of Cooperation, greater stability is restored globally, Nigeria believes that having the right price and volume can support our aspiration and ensure a sustainable revenue generation.”

According to him, a continuation of the declaration was the way to go, adding that the six-month extension issued by the Organisation of Petroleum Exporting Countries (OPEC) to member states was too short to curbing uncertainty and volatility which existed before the cooperation.

“So, a nine-month extension is the way to go considering the objective of the declaration, that is why Nigeria supports the initiative and is also grateful that big nations are committed to it,” he added.

He said Nigeria’s participation at the OPEC meeting was to support the declaration of cooperation that has so far succeeded in restoration of global oil markets stability. Further to this, Nigeria’s hope is to secure appropriate quota for it cause export and optimal price.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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