IPMAN Tasks FG On Old Refineries

Authorities of the In
dependent Petroleum Marketers Association of Nigeria, (IPMAN), has advised the federal Government to refurbish the government refineries for improved output.
IMPMAN President, Chinedu Okonkwo who made the call in a press interview also denied the allegation that the association was urging the government to sell off existing refineries.
According to the IMPMAN boss, instead of calling on the Federal Government to sell the refineries, IPMAN was encouraging the  Buhari-led administration to allow more refineries to be built.
“We in IPMAN will like a situation where the refineries work to their full capacity. The issue of scrapping existing refineries is very inappropriate. I do not think it is the best option for now, given the recent statement of the Minister of State for Petroleum Resurces, Dr Ibe Kachikwu that anyone who  wants to build refineries can leverage on what is currently on ground by building their refineries close to the existing ones.
“There is need for government to open the system to private entrepreneurs who may also come with their idea of how  to make the refineries work better.
While we are not supporting the idea of scrapping and selling the existing refineries if they are operating as they should, we should encourage the building of new refineries.”
Okonkwo noted that for the production of oil to be cost-effective and profitable, new refineries, equipped with latest technology, were needed.
The IPMAN boss said, “we have new refineries which are equipped with the latest technology. That is why you will see in advanced countries that the emission level is very low, about two to five per cent emission and with high yield,” adding that with the latest technology one could achieve 10 per cent of by-products of what is refined.

Chris  Oluoh