NNPC, Nigeria’s state oil company, is planning a $2 billion overhaul of its Warri and Kaduna refineries, after a pre-finance bid for more than $1 billion was oversubscribed on financing repairs to the Port Harcourt refinery, the Group Managing Director has said.
While the refineries have not operated at full capacity for years, NNPC had to shut all of them completely last year as they await much-needed maintenance, repair and upgrades, leaving it with a hefty fuel import bill, Reuters reports.
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