Refineries will not proceed without viable path to profitability: Ojulari

The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it will not proceed with the rehabilitation and operation of its refineries unless a clear path to profitability and sustainability is established.
The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, disclosed this on Tuesday at a press briefing in Abuja, explaining that the company’s new approach to refinery rehabilitation was designed to ensure that technical partners have a direct stake in the success of the facilities.
Ojulari said the previous rehabilitation model did not give contractors and operators sufficient incentive to ensure long-term performance, as NNPC bore the cost of financing, operations an...