Fox Petroleum Energy Trading Nigeria Ltd, has revealed plans to start investing in the exploration and processing of crude oil in Nigeria soon.

According to Kabo Sunday, the Managing Director and Country representative of Fox Petroleum, the company would be investing billions of dollars in the Nigerian petroleum sector.He said talks are already ongoing with the Federal Government’s agencies and institutions for necessary approvals as well as with the owner of a virgin oil block in the country for exploration.

“We are finalizing our arrangements with relevant agencies and institutions to invest in the Nigerian oil industry to boost the sector and the county’s economy. We are not just interested in exploration of crude oil. We also have special interest in contributing to local processing of the products. What we intend to do after acquiring the bloc is to deploy our technical team to the site to determine the quantity of oil in the bloc so as to know the type and size of modular refinery to install. We believe that the setting up of modern refineries was key in meeting the local demand for refined petrol in the country and that is what we are targeting’’, he said.

He stated that the new Delhi-based petroleum company’s efforts would boost locally-refined petroleum products and the country’s revenue generation and employment opportunities.

“I also believe that this will on another hand help in ameliorating the fuel crisis, including the long queues being experienced in the country,” he told Today news.

Anita Fatunji