Nigerian President Goodluck Jonathan has approved the launch of the privatization process of the country’s four oil refineries, the Bureau of Public Enterprises said Friday. The BPE listed the refineries as the Port Harcourt Refining Company Ltd. I, Port Harcourt Refining Company Ltd. II, Kaduna Refining & Petrochemical Company Ltd. and Warri Refining & Petrochemical Company Ltd. The refineries with a combined capacity of 445,000 barrels a day have worked well below their installed capacities for years due to poor maintenance. As a result, Nigeria, Africa’s largest oil producer, relies on fuel imports to meet around 80% of its needs for gasoline, diesel and other petrochemicals. The two refineries in Port-Harcourt have a combined capacity of 210,000 barrels a day, Warri has a daily processing capacity of 125,000 barrels and Kaduna has a capacity of 110,000 barrels. Further details on […]