AGS NEWS – A South Korean investor consortium has finalized plans to build four refineries in Nigeria, each with a capacity of 100,000 barrels, the Federal Government announced on Tuesday.

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, revealed this at the first summit of the Crude Oil Refineries Owners Association of Nigeria in Lagos.

The government is promoting an investor-friendly environment to attract refinery projects. Recently, approval was given to invite the South Korean group, though its name was not disclosed.

Lokpobiri emphasized the government’s use of public-private partnerships to encourage investment in modular and large-scale refineries, which will boost energy security.

The Nigerian Upstream Petroleum Regulatory Commission has also developed guidelines to ensure local refineries have access to domestic crude.

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The ministry is committed to fully deregulating the downstream oil sector, easing the impact on low-income citizens, and supporting Nigeria’s goal of becoming Africa’s refining hub.

Initiatives include tax exemptions for refinery equipment and potential revisions to the Petroleum Industry Act (PIA) to fund refinery infrastructure.

The ministry is also partnering with international institutions for knowledge transfer and plans to create an apprenticeship program to develop expertise in refinery operations.

To combat crude oil theft and illegal refining, an emergency committee has been established to explore local solutions.