NNPC To Market Refined Products To US, Brazil

NNPC To Market Refined Products To US, Brazil

The Nigerian National Petroleum Corporation (NNPC) says it is to commence marketing of refined oil to United States , Brazil and other parts of the world to boost its revenue base.

Mr. Austen Oniwon, the Group Managing Director of NNPC, said already the Corporation, which hitherto had been exporting crude oil to the US , had concluded arrangements with  Brazil 's Oil Company, Petrobras, toward the realisation of this objective.

He said the NNPC had since indicated its interest to invest in Petrobras's plan to expand its refinery in Texas , US, from  100,000 barrels to 200,000 barrels per day.

''We indicated to them our interest to partner with the company to have an outlet into American market instead of exporting just crude to the American market…We can take Nigerian crude, which is also going into American market anyway, into this refinery, process and sell as value added product into the American market, this is something that is going to be beneficial to NNPC and Nigeria as a country,” he said.

Oniwon said the NNPC and Petrobras had concluded discussion to enter into a relationship in the areas of oil exploration and production, refining and petro-chemical, oil marketing and trading, gas and power development as well as research and development.

He said officials of Petrobras would be coming to Nigeria in February to sign a Memoranda of Understanding (MOU) with the NNPC for the take off of the partnership.

''Petrobras hope that we will be able to jointly explore the vast hydro carbon deposit in Nigeria especially in the deep offshore since the MOU is going to embrace worldwide operations. As partners we will be able to join Petrobras to operate in their businesses and share their assets outside Nigeria ,” he added.

The GMD said he hoped that the MOU would also enable Nigeria to develop its gas sector for the smooth operation of the various power plants being constructed.

According to him, President Goodluck Jonathan has focused on the development of power plants and most of these would be driven by gas.

He, therefore, stressed the need for Nigeria to develop its gas sub-sector, primarily for domestic consumption by the power sector.

Oniwon also said he was optimistic that the MOU would address the challenges of infrastructural deficiencies in the nation's oil and gas sector.

NAN/Margaret/Yinka