The Minister of State for Petroleum, Dr Ibe Kachikwu, said on Saturday that the Federal Government needed 700 million dollars to upgrade its refineries to produce at maximum capacities.
Kachikwu, who is also the Group Managing Director of NNPC, disclosed this while speaking with newsmen during the re-inauguration of the Port Harcourt/Bonny Crude Supply Line at the Port Harcourt Refining Company (PHRC), Eleme, Rivers.
He said that due to the fact that the nation did not have such amount, advertisements had been signed for investors to come in.
According to him, we are not inviting foreign partners to take over the refineries; the total investment for that is up to $700 million and we don’t have that. Let us be honest about it.
”So, the best thing to do is to find a very creative way to bring in investors, who will come in, work with our team here;
‘’Investors, who have the skills to reactivate and upgrade facilities in this place and help us provide technical support and we will pay through the flow-out of the refined products over time,” he said.
Kachikwu emphasised that there should be no confusion about what the investors would be coming to do, since they would not come to run the refinery.