Internationals flood Nigerian refinery sale

It appears that Nigeria's attempts at reforming its troubled oil industry have paid off as international companies have shown an unprecedented interest in acquiring shares in the country's four ailing oil refineries.
Internationals flood Nigerian refinery sale Internationals flood Nigerian refinery sale Internationals flood Nigerian refinery sale Internationals flood Nigerian refinery sale Internationals flood Nigerian refinery sale

Julius Bala, the director-general of the Bureau of Public Enterprises, said on Friday that thirty-four firms had expressed an interest in buying a 51% stake in each of the refineries, due to be sold under the country's snail-paced privatisation drive.

Bala said that at least one of the refineries, most likely in the southern city of Port Harcourt, would be sold by the end of this year, although he would not name any of the interested parties.

Nigeria has depended on fuel imports since President Obasanjo took office because the poorly maintained refineries have never functioned at more than 30% capacity.

Earlier this year the country faced a general strike and widespread rioting after Obasanjo announced an almost 50% increase in fuel prices, from 26 naira to 40 naira, claiming that it was essential for Nigeria's economy to reduce subsidies on imported refined fuel.

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