The Crude Oil Refiners Association of Nigeria (CORAN) has appealed to the Central Bank of Nigeria (CBN) to create a crude refinery intervention fund similar to that of Agricultural Credit Fund or the Pharmaceutical Fund domiciled at the apex bank to drive their operations.
CORAN stated this when its Board of Trustees (BoT) led by its Chairman, Emmanuel Iheanacho, visited the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja.
The meeting, chaired by the NMDPRA’s Executive Director, Hydrocarbons Processing Plants, Installation and Transportation Infrastructure (HPPITI), Mr. Francis Ogaree, was in furtherance of the body’s interaction with the industry top regulators.
CORAN Secretary, Olusegun Ilori, appealed to the Nigerian National Petroleum Company (NNPC) Limited, NMDPRA and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to engage with the licensed modular refineries to develop an appropriate commercial model that would guarantee reliable feedstock.
Besides, CORAN also stated that NMDPRA’s modular refinery licence’s renewal fee should be reduced or given a 50 per cent waiver. CORAN pleaded that NMDPRA should ensure that incentives that were given to Dangote Refinery should also be extended to them.
The association said NNPCL should take equity or grant loans to modular refineries via the provision of reformer/other requirement units to e nsure adequate production of PMS based on agreed offtake conditions. Ogaree assured the visistors of President Muhammadu Buhari’s commitment to the functionality of more refineries. He said a committee would be set up to look into the demands. He advised the body to work with them.