The Federal Government has said that it would need the sum of $700 million to upgrade the nation’s refineries to be able to perform up to 90 per cent capacity. The Minister of State for Petroleum, Dr. Ibe Kachikwu, disclosed this on Saturday when he visited Eleme Local Government Area of River State for the re-commissioning of the crude line from Bonny to the Port Harcourt refinery.
Kachikwu explained that though Nigeria was currently not having such amount to upgrade the facilities, the country was embracing a creative way of bringing in investors.
He pointed out that such investors would work with Nigerians on the ground to reactivate and upgrade the refineries, adding that the investors would be paid through the flow-out of refined products.