Despite the numerous attacks on oil installations in the Niger Delta region by militants, which has resulted in the decline of Nigeria’s production and put pressure on her economy, many international companies are still willing to construct refineries in the country.

Such is the case of South African-based oil firm, Petrocam which is known for crude oil trading both in Africa and beyond.

According to the company, the decision to construct a refinery in Nigeria was as a result of the desire to explore opportunities in crude oil processing in the country.

Other companies like Chevron, ExxonMobil, Shell, Eni, Seplat, Integrated Oil Nigeria Limited, and Dangote Group have expressed interests in constructing refineries in Nigeria in order to increase fuel supply and add value to the oil industry.

Dangote Petrochemical Refinery Limited is expected to produce more than 600,000 million bopd when it comes on stream while other investors will produce numerous quantities from their refineries, signifying an end to the nation’s fuel crisis.

The CEO of Petrocam Trading Nigeria Limited, a subsidiary of Petrocam South Africa, Patrick Ilo has said that his company would like to develop the production and supply of fuel in the country by constructing a refinery.

“We at Petrocam, would not hesitate to have our own refinery in Nigeria once we are satisfied with the guidelines, introduced by the Federal Government to guide the operation of refineries.  We would, in the first place, set up a modular refinery and thereafter, build a bigger refinery in order to process crude oil in large quantities and further help in improving supply of petroleum products in the country. Competition is good for the development of any nation’s economy.  For a country’s economy to develop, it must accommodate many players. Anything short of this will affect growth.  As regards private refineries, there will be competition among the operators, and the competition will in turn drive the growth of the industry. In view of this, competition is welcome,” he said.

However, the former President, International Association of Energy Economists (IAEE), Prof. Adeola Akinnisiju, has said that the decision of the Federal Government to permit private institutions to operate refineries will increase fuel supply and further promote competition in the industry, the Nation news reports.

Anita Fatunji