(Ecofin Agency) - PT Intim Perkasa Nigeria Ltd, a subsidiary of Indonesia-based engineering company, PT Intim Perkasa, has said it is interested in constructing a modular refinery in Akwa Ibom state, the Nigerian National Petroleum Corporation (NNPC) revealed.

According to NNPC spokesman, Ndu Ughamadu, the planned refinery would have a refining capacity of 10,000 barrels per day.

Nigeria has a refining capacity of 445,000 barrels per day (bpd) but hardly produce any fuel from its refineries due to years of neglect. The Africa’s second largest oil producer, has been searching for investment in the sector to reduce its dependence on imported oil products which takes up a large portion of the country’s foreign currency reserves.

“We have embarked on an ambitious plan to fast-track programmes to restore our capacity utilization from 30 per cent to a minimum of 90 per cent in the next 24 months. To do that, we are working on securing financing from third parties, not just funding, but also technical expertise,” Maikanti Baru, NNPC group managing director said.

Anita Fatunji