(ABCNews247) – A timeframe when Nigerian will totally stop importing petroleum products has been revealed.
The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari speaking on Tuesday during a press briefing at the Aso Rock Villa, Kyari said Nigeria will stop importing petroleum products by the middle of 2023.
It was gathered that he based his projections on the expected combined output from the Dangote refinery project, government-owned refineries and small modular condensate refineries.
He said the output from these refineries will eliminate the importation of fuel into the country.
“Even if all our four refineries in three locations are operating at 90% of installed capacity, they will only be able to raise 18 million litres of Premium Motor Spirit (PMS). That means even if all of them are working today, you would still have a net deficit of PMS to import into this country,” he said.
He said the 20 percent stake held by the NNPC in Dangote refinery gives it a right of first refusal to supply crude oil to the plant and ensures a ready market for the country’s crude oil for at least the next twenty years at a time other countries are looking at alternative sources which may negatively affect crude oil production in Nigeria.
“But we saw this energy transition challenge coming. We knew that time will come where you would look for people to buy your crude and you will not find,” he said.
“And that means we have locked down ability to sell crude oil for 33,000 barrels minimum by right for the next 20 years and by right also we have access to 20 percent of the production from that plant.”
Kyari added that once the refineries are operational, Nigeria will not only stop importing petroleum products, but will also start exporting it.
He said: “The combination of that and our ability to bring back our refinery will eliminate any importation of petroleum products into this country next year. You would not see any importation into this country next year.
“This is very practical. As a matter of fact, when we are done with our own refineries and the Dangote refinery, there remain other small initiatives that we are doing, small modular condensate refineries that we are building. If that happens and we are very optimistic it will happen, you would see that this country will now be a net exporter.
“As a matter of fact, it will be a hub for the export of petroleum products, not just to the West African sub-region. This will happen. The flow of supply will change by the middle of next year, it will change. You will not need the importation of petroleum products into this country by the middle of next year.”