L-R: Femi Otedola, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu; President/CE, Dangote Industrie Limited, Aliko Dangote; and Group Executive Director, Strategy, Capital Projects & Portfolio Development, Dangote Industries Limited, Devakumar Edwin, during the Minister of State for Petroleum Resources working visit to Dangote Oil Refinery, Petrochemical and Fertilizer Projects in Lekki, Lagos on Monday, July 31, 2017. Photo: Business Hilights
Barely 24 hours after he hinted the desire of the federal government to quit further oil exploration and; three day he signaled plans to sell off two ‘commercially unviable’ refineries, the Minister of State for Petroleum, Dr. Ibe Kachukwu, on Monday paid a working visit to the premises of emerging Dangote Refinery, Lekki, in Lagos.
Key plea to the investor, and President of Dangote Group, Alhaji Aliko Dangote, by the Minister was to try as much as he can to deliver the refinery on or before December 31st, 2019.
It was not clear why the minister made the call, but analysts say the timely delivery will help the APC lead government to use it as a point of conviction during presidential campaign.
They also argued that the feat will reduce the heat and pressure on forex in ongoing importation of refined petroleum products.
However, the minister failed to reiterate what he had said earlier concerning revoking licences given to contending investors in oil refinery during the last administration; the same time Dangote got his own.
Business Hilights recalls that the Minister had two months ago warned licencees to either begin to build or wait and see their licences revoked very soon.
More details later…
