Kachikwu Continues Oil Investment Overtures, Woos ExxonMobil on Local Refining

By Chineme Okafor in Abuja

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has continued his drive to have International Oil Companies (IOCs) operating in Nigeria deepen their investments in the country with a visit to United States oil firm, ExxonMobil.

The minister, according to a statement from the ministry on Wednesday in Abuja, met with top executives of ExxonMobil at its headquarters in Irving Texas, where he requested that they consider investing in refining of petroleum products in Nigeria.

Kachikwu said ExxonMobil has had an enduring partnership with Nigeria, and should deepen its commitment to develop the country’s oil and gas industry, especially in domestic refining of petroleum products.

He reiterated the commitment of the federal government to reduce the importation of refined petroleum products into the country, adding that this would be improved on if major IOCs operating in Nigeria invest in building signature refineries to be run on joint venture basis with the government.

More to come…