FG seeking JV partners to revamp, manage 22 NNPC depots

The Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu has disclosed that the federal government is seeking joint venture (JV) partners that would refurbish and effectively manage the 22 depots that belong to the Nigerian National Petroleum Corporation (NNPC), ThisDay reports.

Kachikwu in a recent web podcast message to workers of the NNPC in Abuja stated that the government was looking at a new policy, which would see it advertise and invite JV partners to invest in the refurbishment of the depots. The minister explained that it was not enough to just bring in products cargoes without having a functional pipeline network and depots to distribute them to other parts of the country.

He noted that the long term solution to the country’s challenges of providing petroleum products to its citizens would be to, “throw private initiatives to the downstream.” He said; “Ultimately, the business must go back to where it belongs, which is the private sector, not the public sector and until we do that, deal with the issue of pricing, which our price modulation has helped us manage, but not quite completely, we’re not going to solve the problem”.

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