x

Embracing change: Investing in a subsidy-free future for oil refineries

African Refinery Port Harcourt Limited, the NNPC Joint Venture Partner involved in the development of the 100,000 barrels per day refinery within the Port Harcourt Refinery Complex, commends the courageous move to eliminate the subsidy on premium motor spirit (PMS).

African Refinery’s CEO, Omotayo Adebajo, urged Nigerians to remain patient amidst the initial hardships caused by the removal of subsidies and to rally behind the President’s long-awaited strategic decision. In a statement released to the press, Adebajo acknowledged that the removal of subsidies had led to higher fuel prices. However, he strongly believed that this action would ultimately attract more investment in local refinery capacity. Furthermore, he emphasized the immediate benefit of subsidy removal, which would free up funds for the new government to allocate towards impactful projects benefiting the majority of Nigerians.

Adebajo also took the opportunity to call upon President Tinubu to continue the previous government’s commitment to supporting local refinery projects, as initially initiated by Buhari through NNPC Limited’s strategic equity investment in African Refinery’s 100kbd project in Port Harcourt, as well as the recently commissioned Dangote Refinery in Lagos. He stressed the critical importance of these projects in Nigeria’s quest to end fuel imports and ensure energy security, highlighting that their success hinged on the ongoing support of the Federal Government. Adebajo thus reiterated the widespread call for the new government to continue supporting private sector investors, particularly in terms of facilitating access to feedstock and offering government-backed low-interest financing.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalistAs...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

1000 Delegates Expected at NOGOF 2025

Amgbare Ekaunkumo, YenagoaThe 5th Nigerian Oil and Gas Opportunity...

Bayelsa Queens, Nasarawa Amazons Settle for 1-1 Draw in NWFL Super Six

Amgbare Ekaunkumo, YenagoaBayelsa Queens and Nasarawa Amazons played out...

Deaconess Oborevwori launches Measles-Rubella vaccine campaign in Delta.

By Anne Azuka Wife of the Delta State Governor, Deaconess...

Oborevwori: Delta safe for investment as Premium Trust Bank opens branch.

By Anne Azuka Governor Sheriff Oborevwori of Delta State on...

Cholera outbreak kills four in Bokkos LGA, others hospitalized.

By Isreal Adamu, Jos A cholera outbreak has been reported...

Gov Mutfwang: Plateau on path to prosperity at World Bank event.

By  Isreal Adamu,Jos Plateau State Governor, Barr. Caleb  Mutfwang, was...

National Orthopedic Hospital Jos commence  operations 

By Isreal Adamu, Jos Managing Director of the National Orthopedic...
spot_img

Related Articles

Popular Categories

spot_imgspot_img