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Nigeria aims to be net exporter of petrol over next two-years -agency

Published 01/09/2020, 13:00
Updated 01/09/2020, 13:06
© Reuters.

ABUJA, Sept 1 (Reuters) - Nigeria aims to become a net
exporter of gasoline and other petroleum products over the next
two years as oil refinery projects in the West African country
come onstream, the industry regulator said on Tuesday.
The Department of Petroleum Resources (DPR) said five
refineries are being built across the country and another seven
are planned, which would reverse Nigeria's dependence on
imports.
A combined capacity of 375,000 barrels per day (bpd) is
expected from 27 modular refineries, DPR Chief Executive Sarki
Auwalu said in a statement, adding that 650,000 bpd are due from
the oil refinery being built by Africa's richest man, Aliko
Dangote.
The government has a 450,000 bpd capacity, he said, without
saying when the projects will be completed.
The DPR aims to expand oil reserves to 40 billion barrels
and gas reserves to 210 trillion cubic feet, Auwalu said,
without providing a comparative figure.
Auwalu said the department would aim to grow oil production
from its current 2.4 million bpd capacity to 3 million bpd
production capacity and cut production costs.

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