• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 4 hours Adsorbent natural gas tanks are revolutionary.
  • 4 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 3 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 55 mins Visualizing How Much Oil Is In An Electric Vehicle (Hint: a heckuva lot)
  • 5 mins Theresa May to Step Down
  • 6 hours IMO2020 To scrub or not to scrub
  • 27 mins Total nonsense in climate debate
  • 19 hours Look at the LONGER TERM bigger picture of international oil & gas. Ignore temporary hiccups.
  • 1 day Will Canada drop Liberals, vote in Conservatives?
  • 12 hours IMO 2020 could create fierce competition for scarce water resources
  • 1 day Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 1 day Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 16 hours Why is Strait of Hormuz the World's Most Important Oil Artery
  • 1 day IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
War With Iran Could Send Oil To $250

War With Iran Could Send Oil To $250

As tensions between Iran and…

Nigeria Is OPEC’s Only Member To Import Gasoline

Gas station

Nigeria’s inefficient refineries are unable to meet domestic fuel demand and have made Nigeria the only OPEC member to import gasoline, according to the managing director of the Nigerian National Petroleum Corporation (NNPC), and is the world’s largest petrol importer.

“We actually import one million tonnes of PMS [Premium Motor Spirit] every month into a country that produces oil and gas and has refinery. It is a shameful thing, it doesn’t make sense and that is what we are trying to address,” Nigerian media quoted NNPC Group Managing Director Maikanti Baru as saying.

NNPC said in February that it had imported US$5.8 billion worth of gasoline in an attempt to alleviate the fuel shortages and end the queues at the gas stations in Nigeria.

During a visit to the Nigerian Customs Service on Friday, NNPC’s Baru also pointed the finger at petroleum product smugglers who have harmed the efficient distribution of fuel in Nigeria, saying that “unpatriotic marketers are exploiting both land & coastal borders to smuggle out petroleum products meant for the Nigerian market to other West African countries due to sheer greed & lack of patriotism.”

But Nigerian refineries desperately need upgrades to become more efficient and to start processing more crude oil into fuels.

Related: The Endless Opportunities For U.S. Oil Exports

“Upgrades of our refineries from the current name plate capacity of 445,000 barrels of crude oil per day (bpd) to at least 1million bpd is the focus. Discussions with relevant investors and financiers are ongoing. The expectation is that the refineries will be fully back on stream by December 2019,” Baru said, noting that the country would soon announce the names of the investors who would work to upgrade Nigeria’s ageing inefficient refineries.

NNPC is in the final stages of negotiations with two international consortia consisting of oil majors and oil traders for the upgrade of its refineries, sources familiar with the talks told Reuters earlier this week.

The first consortium includes the world’s largest oil trader Vitol, Italy’s Saipem, U.S. firm General Electric, and Nigerian traders Sahara Group and MRS Oil Nigeria Plc, and vies to upgrade the Warri refinery in southern Delta state and the refinery in northern Kaduna state. The second group that would revamp two refining plants at Port Harcourt includes commodity trader Trafigura, Italy’s oil major Eni, Spanish refiner Cepsa, and Nigeria’s Oando, the sources told Reuters.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • James on March 12 2018 said:
    Upgrades of our refineries from the current name plate capacity of 445,000 barrels of crude oil per day
  • Mario Neiva on March 04 2018 said:
    Please change the title that it is totally wrong. Angola imports more than 60% of all it's fuel (gasoline, diesel, Jet, etc).

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News