Nigerian Oil Firm Petrocam Puts Refinery Construction on Hold

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Nigerian oil company Petrocam has confirmed that it will delay the construction of its planned refinery, blaming the forced delay on the non-deregulation of the oil industry.

The company’s Managing Director, Mr Patrick Ilo, made this revelation in Lagos during the official inauguration of its newest solar-powered and eleventh filling station.

Unveiling of the eleventh filling station, the company’s Administration and Sales Manager, Eyo Oghogho, said the new filling station has ten underground tanks of 45,000 litres capacity each. Nine will be used for storing Premium Motor Spirit (PMS), while one will be used for storing Automated Gas Oil (AGO), a report by Nairametrics revealed.

 According to Oghogho, the firm has no plans to invest in refining in the country, until the deregulation of the downstream sub-sector of the Nigerian oil and gas industry is carried out. He said the company is waiting for the right atmosphere to invest in crude refining business.

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