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We Need $500 Million To Fix Refineries – NNPC

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The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Ibe Kachikwu has availed that the sum of $500 million is needed for the country’s refineries to be fixed as they have been shut down for operating below expected capacity.

According to Punch, he made the assertion on Saturday, November 7, 2015 at a forum organised in his honour by the Petroleum Club Lagos.

According to Kachikwu, the Warri and Kaduna refineries have since been shut down while the Port Harcourt refinery was shut down a few weeks ago.

Kachikwu said: “I was initially happy with the progress made at the Port Harcourt Refinery when it operated at 60 per cent capacity some weeks ago. But now, the capacity has dropped so low that we had to shut it down. We will need about $500m to fix them.”

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