(Ecofin Agency) - Past Group Managing Directors (GMDs) of the Nigerian National Petroleum Corporation (NNPC) have jointly advised that the nation's four refineries in Kaduna, Warri and Port Harcourt must be restructured and operated as Incorporated Joint Venture (IJV) companies rather than their current operational method. They revealed this during a meeting with the Minister of State for Petroleum Resources, Emmanuel Kachikwu and NNPC's current GMD, Maikanti Baru.

According to a statement signed by the Group General Manager, Public Affairs of NNPC, Mallam Garuba Deen Muhammad, the past GMDs demanded that the refineries which have not been making any profit for decades now, be restructured and later allowed to operate on IJVs arrangement like the Nigeria Liquefied Natural Gas (NLNG) Limited.

“The former GMDs advised that the refineries be rejuvenated using the Original Equipment Manufacturers (OEMs). Also, the refineries must be restructured to operate as an Incorporated Joint venture (IJV) similar to the Nigerian Liquefied Natural Gas (NLNG) model with credible partners having requisite technical and financial capabilities,” the statement said.

The oil industry experts also approved the President’s drive to sustain exploration activities in the frontier basins, especially the ongoing efforts in Chad Basin and the Benue Trough.They however urge the new GMD to pay much attention to the Chad Basin, where promising prospects are being recorded, This day reports.

Anita Fatunji