CORAN Lauds NUPRC Over Domestic Crude Supply Obligations Enforcement 

The Crude Oil Refineries-owners Association of Nigeria (CORAN) has lauded the move by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) over what it described as a decision by the Commission to enforce domestic crude supply obligations.
It said the non-implementation of the obligations has so far stifled some local refineries from optimizing production and making refined products available in the local market.
The Chairman, CORAN, Momoh Oyarekhua made the commendation during the NUPRC’s management meeting with producers and members of CORAN in Abuja, at the Weekend.

In a Press Release, Oyarekhua said the commission deserved to be lauded for the decision as well as being fair-minded in its conversation with the producers.
Recall that CORAN, last month, held a meeting with the Minister of State for petroleum, Heineken Lokpobiri, where the association sought the minister’s intervention to boost crude oil supply to members as well as reduction of fees they pay to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for every litre of product they refine in-country.
The CORAN also advocated for the establishment of a Refinery Intervention Fund to assist local refineries expand their capacity from the current 27,000 barrels per day to about 400,000 barrels per day.
This follows series of other consultations and meetings by CORAN with government agencies and representatives with a view to fostering the core issues affecting local refining of crude in Nigeria
Following the meeting Oyarekhua hinted that “We have met with the NUPRC, on the issue, because the matter is captured under the domestic crude oil supply obligation which is clearly stipulated in the PIA, we have intimated them with the production capacity of local refiners and also sought their commitment on domestic crude obligation to all modular refiners”.
“The modular refineries that are currently producing are starved of crude and even when the crude is available, the local producers want them to pay for it in US dollars”.
This, position, CORAN said must be addressed to enable Nigerians enjoy self-sufficiency in crude refine.
“This meeting and the assurance that NUPRC will fulfill the request to enforce domestic crude supply obligations to local refiners brings to a new positive dimension the quest by CORAN for its members to be given the equal playing field and enabling support to deliver on its mandate of providing refined petroleum products to the Nigerian market at very affordable rates to users”, Oyarekhua stated.