We Are Set To Introduce Modular Refinery Operators Into Our Oil Sector – Osinbajo

Nigeria’s Vice President, Yemi Osinbajo had come out to say that the integration of artisanal and modular refinery operators into mainstream oil and gas sector will promote the inclusion of more local content in the industry.

He recently revealed this in an address delivered virtually at a National Summit on the Integration of Artisanal and Modular Refinery Operations in Nigeria, and Nigerians have been reacting.

According to him, introducing artisanal and modular refinery operators into mainstream oil and gas sector will surely advance the use of home-grown technology in the refining of petroleum products, and that is what Nigeria needs.

He added that the artisanal refiners will even be seen as investors and considered for strategic equity partnerships with technical and financial partners.

His words, “We are confident that the integration of artisanal and modular refinery operations into the oil and gas sector will not only promote the inclusion of more local content in the industry; it will advance the use of home-grown technology in the refining of petroleum products and also curtail illegal oil activities in the Niger Delta regions.”

“One of the nagging issues we were confronted with during my tour was how to deal with the proliferation of artisanal refinery and its attendant negative environmental impact. Our solution was to promote the establishment of modular refineries.”

“These artisanal refiners will be seen as investors and considered for strategic equity partnerships with technical and financial partners.”

“This vision is hinged on the commitment of this present administration to develop the region and ensure that the people of the region benefit maximally from the wealth of their land. Indeed, the New Vision speaks to a progressive partnership between the federal government, state government, private sector, and the local communities.”

“The transition from artisanal refineries to modular refineries has been delayed because of the operators’ expectation that this process will be fully underwritten by Government.”

“However, what this framework envisages is a private sector-led partnership with equity participation from the state government or its agencies, registered local cooperative societies and the integration of regional refinery stakeholders, with the private investor having majority equity.”

“We are confident that the integration of artisanal and modular refinery operations into the oil and gas sector will curtail illegal oil activities in the Niger Delta regions.”

“It will also promote the availability of petroleum products, stabilize prices, eliminate shipping costs and provide employment opportunities for the youths in the region and Nigeria in general.”