General Electric seeks role in operating Nigeria’s refineries

Kaduna Refinery
Kaduna Refinery

A United States multinational company, General Electric, GE, Tuesday, proposed to invest in Nigeria’s three refineries.

The three refineries are located in Port Harcourt, Warri and Kaduna.

GE, a company with an asset valued at $493 billion, focuses on business areas including oil and gas, power, water supply, aviation, healthcare, transportation and capital.

In a presentation to the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru, and his team in Abuja, the company stated that its teams of partners would be engaged in the initiative.

Details of the discussion were contained in a statement by Ndu Nghumadu, NNPC’s spokesperson on Tuesday.

The American firm said the team includes its consortium involving the Engineering, Procurement and Construction (EPC) partners, off-takers, traders and some financiers.

“We were involved in the tenders that started around last year which was subsequently withdrawn but our commitment to bringing the refineries on-stream is still very deep and we are very serious about it.

“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,’’ the Company stated in its presentation.

GE’s desire to partner with NNPC on the rehabilitation of the three refineries came on the heels of a similar proposal by the Italian company, Eni, to establish cooperation with NNPC for the rehabilitation and enhancement of Port Harcourt Refinery.

Leading a high powered delegation to the NNPC Towers, Jeff Immelt, GE Global Chairman and Chief Executive Officer, said as part of the offering, GE and NNPC have identified some major national power projects in the country.

He added that the two organisations are currently developing the scope of intervention in the projects which have a potential combined capacity of about 4.4 gigawatts.

General Electric further pledged its readiness to work with the NNPC to make production in the off-shore fields profitable for the benefit of both companies and other stakeholders.

The company also expressed its hope to consolidate on its existing working relationship with the corporation to expand the prevailing power business, stressing that it would help NNPC achieve its vision of becoming the leading power company in Nigeria.

In his reaction, Mr. Baru noted that GE’s offer of a package that includes projects financing would greatly improve collaboration and initiate the power projects rapidly.

The NNPC boss also welcomed GE’s offer for support to boost the nation’s offshore production and raise crude oil reserve ratio replacement, urging the company to also tap into the opportunities on offer in medical supplies.

He disclosed that the NNPC plans to commercialise the services of its 52 hospitals and clinics spread across the country in future, calling on GE to tap into the opportunity.

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