In response to the federal government’s call for investors in specific areas of the economy, PTPP (Persero) has declared its intention to partner with state-owned petroleum company NNPC, to build a refinery in Akwa Ibom State. Mr. Adi Hartadi, the Head of Investor Relations of PTPP (Persero) Tbk recently revealed the company’s intention of erecting a refinery in Nigeria, in a meeting with the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC).
Highlighting the breakdowns of the meeting, Dr. Maikanti Baru, the general managing director of NNPC said that the refinery would be located in Akwa Ibom State.
Mr. Baru noted that lack of investment has crippled the country’s refineries from functioning excellently as expected and has promised that NNPC would give necessary support to the Indonesian Company interest in the downstream sector.
“On our end, we have embarked on ambitious plan to fast-track programmes to restore our capacity utilization from 30 percent to a minimum of 90 per cent in the next 24 months. To do that, we are working on securing financing from third parties, not just funding, but also technical expertise to help us increase our performance to world class levels that they should be,” Dr. Baru said.
Mr. Baru explained that with other investments of additional refineries coming into the country, Nigeria could become the center for refined petroleum in Africa in the next few years.