New modular refineries won’t come onstream for at least 24 months – DPR

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The quest for the end of petroleum scarcity in the country may not come soon, as the Department of Petroleum Resources (DPR) said the process to get modular refineries on stream takes up to two years to be completed, Vanguard reports.

The Deputy Director, Engineering and Standards Division, DPR, Dr. Olumide Aladeke, said in an interview, “The big question is not how long Nigerians should wait, but how soon can these licensees get the refineries on stream.  “It is after the refineries are on ground that we can begin to talk about how to flood the market with internally produced petroleum products”.

“And so, it is pretty too early for us to start talking of when they will start production.  Anyone of these licensees that will be so fast, will need a minimum of 24 months to put anything on ground; that is assuming the money is available, because there are several stages of construction.”

“However, we are looking forward to proffer solutions and ideas by organizing a forum where potential financiers can come in to see whether there can be a synergy that can make the system work. I know there was one that came up in March in Lagos, which was organised by Financial Bridge” he added.