DPR BLAMES ABSENCE OF PRIVATE REFINERIES ON LACK OF CRUDE OIL

The Department of Petroleum Resources (DPR) has attributed the failure of `private investors to build refineries in the country to lack of crude oil and absence of funding. The agency said that most of the investors licensed in 2003 were not satisfied with the federal government’s position that they will buy the country’s crude oil at the international market price.

Speaking at a special session of a recent roundtable organised in Lagos by NewsDirect Newspaper, DPR’s Deputy Director in charge of Downstream, Mr. Alphonsus Mudei said out of the 18 investors licensed by the federal government, only one established private refinery in the country.
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