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Local Refining Key To Oil Industry Growth, Says Kachikwu

Minister of State for Petroleum Resources Dr. Ibe Kachikwu has said local refining of crude oil is key to the viability of the oil industry and economic growth of Nigeria.
Speaking yesterday as guest lecturer at the inaugural Convocation/Founders’ Day Lecture of the Federal University of Petroleum Resources, Effurun (FUPRE), Dr Kachikwu explained that the Federal Government intended to reduce importation of refined petroleum products by the end of next year, preparing the country for net exportation of refined products by 2019.
He said the development of gas and its subsequent distribution to generate electricity was one focus of his ministry.
Urging the graduating students to “embrace what is embedded” in them, as reliance on government to provide everything must cease, Kachikwu encouraged the students to create designs to build modular refineries.
“The objective is to improve our domestic capacity for local petroleum products production. This will entail the injection of private sector investments and expertise in revamping the existing refineries and implementation of modular refineries in the oil producing region.
“The abundant gas resources in Nigeria will be harnessed to generate wealth and save the environment by converting flares to power. The focus of this initiative will include investor-led gas infrastructure development will be promoted to ease government burden of funding.
“Domestic gas utilisation for power and households will also be promoted to support threefold increase in the nation’s power generation capacity by 2019″, he said.
Speaking earlier, Chancellor of the FUPRE, Alhaji Attahiru Mohammed Ahmad, the Emir of Zamfara, while noting the peculiarity of the institution in Africa, expressed concerns over the poor state of its infrastructure.
Commending President Muhammadu Buhari for his appointment as Chancellor, he called for “special and urgent interventions” to fast track the progress and advancement of the school.



This post first appeared on Nigerian Latest News Papers News Online, please read the originial post: here

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Local Refining Key To Oil Industry Growth, Says Kachikwu

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