GE proposes investing in Nigeria's oil refineries

General Electric Co has proposed investing in Nigeria‘s oil refineries, potentially convening a consortium of companies to improve capacity at the facilities.

GE’s plan and similar promises from companies like Italy’s Eni to work with Nigeria to rehabilitate the country’s three oil refineries could help the government as it tries to reduce costly imported oil products.

The work was raised during a meeting with the Nigerian National Petroleum Corporation (NNPC), a GE spokeswoman said late on Tuesday.

“We propose that work commences either with the Warri or Port Harcourt refinery as a pilot, as we set a target to improve the refinery capacity before the end of 2017,” GE told the NNPC, according to a statement from the state oil firm.

Nigeria’s Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu has said that Chevron and Total were also interested in working on the refineries.

GE and NNPC could also cooperate on national power projects, said the Nigerian firm.

Source: Business & Financial News, Breaking US & International News | Reuters