Nigeria aims to cut stakes in refineries by 2026

Nigeria, Africa’s top oil producer, is looking to reduce its stakes in state-owned refineries in two years’ time. 

The refineries, located in Port Harcourt, Kaduna and Warri and currently undergoing rehabilitation, are expected to come back on stream latest by the second quarter of next year, according to an official document seen by Markets Reporters.

The plants are expected to attain 70% capacity utilisation by 2027 with an upgrade to Afri 6 fuels quality standard.

The document said the government would “sell down equity in refineries following sustained operations by May 2026”.

It said the petrochemical plants in Warri and Kaduna refineries as well as the base oil plant in Kaduna would be rehabilitated by May 2027.

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