(Ecofin Agency) - The Group Managing Director of Nigeria National Petroleum Corporation (NNPC), Emmanuel Ibe Kachikwu has declared that the country’s four refineries will need between $300 million to $500 million to work efficiently.

The minister disclosed this at a meeting with the joint House of Representatives Committee on Gas Resources, Petroleum (Downstream and Upstream) and Local Content.

He said that the restructuring of NNPC will assist in realizing 16 to 18 month self-sufficiency of supply of petroleum products adding that when the 650,000 refinery being built by Dangote Group begins operation by 2020, it will increase domestic refining capacity, Vanguard news reports.

NNPC had reopened the Port Harcourt refinery on Monday after it was closed about six weeks ago in an efforts to end the current fuel scarcity throughout the country.

However, Victor Adeniran, the Group Executive Director, Commercial and Investment, had said that the Warri and Kaduna refineries cannot recommence production now as the pipeline network distributing crude oil to the two refineries had been damaged and are yet to be fixed.

Anita Fatunji