Oil experts have urged stakeholders to partner with the Federal Government to expand refining capacity and the distribution of gas pipelines across the country, News About Nigeria reports.
This call was made at the recently concluded Oil Trading and Logistics Africa (Downstream) Week, 2023, in Lagos.
The experts highlighted key areas requiring attention, including the supply and distribution of refining capacity expansion, supportive regulations, renewable energy integration, and workforce development.
In a communique delivered, the experts called on the Federal Government to create funds to enable the establishment of small modular refineries.
According to them, this is aimed at enhancing the refining and supply of petroleum products in Nigeria.
The group emphasized that financial support is crucial to boost the gas market in its early stages, asserting that the government’s financial support will become less necessary as soon as the market stabilizes.
They further stated that the Cylinder Recirculation Model is needed to ensure safe operations in the gas market. This would not only reintroduce new cylinders into the market but also ensure the removal of expired and unsafe cylinders from the homes of citizens.
The oil experts also stressed the importance of the government focusing on technology, noting that technological innovations are required in the quest for reduced costs and increased efficiency in the downstream energy market.
It’s worth mentioning that crude oil operators in the country have accused the Federal Government of not meeting the volume of crude oil required for the production of refined petroleum products by modular refineries. According to them, all functional modular refineries in Nigeria are currently refining below capacity and incurring daily losses.
