President of Nigeria, Muhammadu Buhari has announced that his country will partner with Saudi’s nationals petroleum company, Saudi Aramco in revamping the refineries owned by Nigeria’s national petroleum company, NNPC.
President Buhari who is currently in Saudi Arabia for the Future Investment Initiative, met with Yasir Al-Ramayyan, chairman of Aramco and Saudi Arabia’s Public Investment Fund to discuss areas of possible cooperation.
In respect to this, President Buhari has directed the officials of Nigeria’s petroleum ministry and the NNPC to work with the Saudis to put in place necessary modalities needed for smooth collaborations and investments.
The NNPC has and operates four refineries. These refineries are currently not up to full capacity with petroleum refining at an all-time low. This has seen the country import more than 90% of petrol and diesel, which is a misnomer.
With the partnership and cooperation between both countries, Nigeria is expected to refine its petroleum products when all refineries are revamped and put in optimum capacity.
Culled from www.bnnbloomberg.ca