Business

Investors pullout looms for 20 modular refineries over crude supply

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Funding for the construction of 20 modular refineries in Nigeria is at risk as foreign investors withhold their money due to a lack of guaranteed crude oil supply for the facilities.
According to Eche Idoko, publicity secretary, Crude Oil Refinery Owners Association of Nigeria, the International oil companies, the primary source of crude oil in Nigeria, are hesitant to provide guarantees that crude will be available to the refineries once operational.
With only five out of the planned 20 currently functioning, the remaining 15, at various stages of completion or with licenses secured, are facing financial roadblocks due to the crude supply uncertainty.

Written by: bossgmsi

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