South Korean investors plan to build four refineries in Nigeria – FG

A consortium of South Korean investors plans to build four 100,000-barrel refineries in Nigeria, the Federal Government announced on Tuesday.

Minister of State for Petroleum Resources, Heineken Lokpobiri, shared this at a summit in Lagos, emphasizing the government’s commitment to fostering an open investment environment.

He noted that approval has been granted for the consortium, though its name was not disclosed. The initiative aims to enhance investment in Nigeria’s oil and gas sector through public-private partnerships.

Lokpobiri highlighted the government’s efforts to ensure transparency and access to feedstock for local refineries. He reiterated plans for 100% deregulation of the downstream sector and easier access to tax exemptions for refinery equipment imports.

Additionally, he mentioned potential support from the Petroleum Infrastructure Fund for refinery development and emphasized partnerships for knowledge transfer and technology advancement in refining operations.

To combat crude oil theft and illegal refining, an international committee has been established to explore home-grown solutions.