Breaking News: U.S. Multinational Company Offers Investment in Nigeria’s Refineries

General Electric (GE), a U.S. multinational company, on Tuesday proposed to invest in Nigeria’s refineries located in Port Harcourt, Warri and Kaduna.

Mr. Jeff Immelt, GE Global Chairman and Chief Executive Officer,‎ made the proposal known when he visited Dr Maikanti Baru, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC).

In a statement released in Abuja by NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, Immelt ‎promised to work with NNPC to make production in the off-shore fields profitable for the benefit of the company, NNPC and other stakeholders.

A presentation by GE revealed that the company’s teams of partners, including its consortium involving the Engineering, Procurement and Construction (EPC) partners, off-takers, traders and some financiers would be engaged in the initiative.

‘’We were involved in the tenders that started around last year which was subsequently withdrawn but our commitment to bringing the refineries on-stream is still very deep and we are very serious about it.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

Ughamadu said 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 as contained in the company’s release in Rome on Monday.

He said GE and NNPC have identified some major national power projects in the country and were currently developing the scope of intervention in the projects which have a potential combined capacity of about 4.4 gigawatts.

Ughamadu said GE further expressed the hope to consolidate on its existing working relationship with the Corporation to expand the prevailing power business and help achieve its vision of becoming the leading power company in Nigeria.‎

The statement said NNPC GMD, Dr. Maikanti Baru, expressed delight in the interest GE had to intervene in some vital operational areas of the Corporation.

”Baru noted that GE’s offer of a package that includes projects financing would greatly improve collaboration and initiate the power projects rapidly.

”He welcomed GE’s offer for support to boost the nation’s offshore production and raise crude oil reserve ratio replacement.

”He also urged the company to tap into the opportunities on offer in medical supplies as the NNPC moves to commercialise the services of its 52 hospitals and clinics spread across the country in the years ahead,”. Ughamadu said.

‎General Electrical, which has its headquarters in Boston, Massachusetts, is worth 493 billion dollars in asset and its business focus areas include oil and gas, power, water supply, aviation, healthcare, transportation and capital.




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