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Article: NIGERIA-ECONOMICS: PRIVATE REFINERIES WELCOMED
- Article from:
- Inter Press Service English News Wire
- Article date:
- July 11, 1996
- Author:
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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Dulue Mbachu
Inter Press Service English News Wire
07-11-1996
LAGOS, July 10 (IPS) -- Local investors are putting together
their money, skills and wit to woo foreign investors for Nigeria's
first private oil refineries.
The government, through the Nigerian National Petroleum
Corporation (NNPC), has dominated the oil refinery industry, and
resisted pressures from the World Bank and the International
Monetary Fund to open the sector to private actors.
The government's statement, issued in June, that private
refineries are no longer off-limits, signalled a major policy
shift. It also has local investors up and running.
The new private refining companies, Brass Refinery Limited and
Qua Petroleum ...