“We are
going to be unbundling the NNPC so that its various components are effective
core centres and are able to do their business well. We are going to have
private refineries at the site of the old refineries, so they can benefit from
the available infrastructure. So, we think that in the medium term, we
would be able to get cheaper pump price, pump price of oil would be cheaper
because we would be importing far less refined petroleum. A lot of that will be
produced locally.
“Now,
we have well over 30 modular refineries licences, so we think a lot of modular
refineries would come. Many of them, their major concern is feed stock, are we
going to be guaranteed feed stock? We are working on that. Once we are able to
deal with that, we feel we would substantially be able to reduce pump price and
get the whole business of importation of refined petroleum and the NNPC just
getting directly involved in business; we are going to reduce that. The
objective is to make the NNPC play more regulatory function.
“They
are options that are always there. But we think that there are ways we can
raise our own potion of contribution to the Joint Ventures. It will only be a
last resort and we have not come anywhere near that.” Osinbajo said
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