GE is looking at investing in Nigeria’s run down refineries

Marathon Petroleum

GE might be eyeing more than NIgeria’s rail sector. In a follow up to the official visit of Jeff Immelt, Group Chairman of GE, the company is also looking at investing in Nigeria’s dilapidated refineries.

GE will be joining Italian ENI who has already partnered Nigeria’s National Petroleum Corporation to rehabilitate the country’s three oil refineries could help the government as it tries to reduce costly imported oil products.

According to Reuters spokesperson for GE said “We propose that work commences either with the Warri or Port Harcourt refinery as a pilot, as we set a target to improve the refinery capacity before the end of 2017,” GE told the NNPC, according to a statement from the state oil firm.

Imports are consuming a large portion of the nation’s scarce foreign currency, but the run-down state of the refineries themselves, which are also subject to frequent pipeline attacks, has hampered progress.

Nigeria’s Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu has said that Chevron and Total were also interested in working on the refineries.

GE and NNPC could also cooperate on national power projects, said the Nigerian firm, as the country remains plagued by cuts and shortages and a creaking power grid

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