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Saudi Arabia to Revamp Nigeria’s Refineries

OIL PRODUCTS

Saudi Arabia has pledged to invest in revamping Nigeria’s oil refineries, according to Bloomberg citing a statement by Nigerian Information Minister Mohammed Idris.

  • The revamp will be led by Aramco with the revamp to be completed over a two to three-year time frame.
  • Nigeria is suffering from a lack of refining capacity, leaving it reliant on imports of refined products.
  • The 650k b/d Dangote refinery is also yet to begin production, despite being officially opened earlier in the year. The first feedstocks are expected to be provided by NNPC in December.

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