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Petrocam defers plans for refinery until FG deregulates downstream sector

Petrocam Trading Nigeria Limited has unveiled its intentions about local refining saying that the firm does not have any plans of investing in refinery in Nigeria until there is deregulation.

The company’s Admin and Sales Manager, Eyo Oghogho who made this revelation in Lagos at the official inauguration of its ninth solar powered and eleventh filling station in Lagos, said until the deregulation of the downstream sub-sector of Nigeria’s oil and gas industry, the firm has no plans of investing in refining in the country.

According to her, the company might only consider going into refining when government removes cap price on petroleum product, saying “until then it’s not part of our plans at all.”

Oghogho, however noted that despite the economic challenges alongside the difficult environment in which businesses operate in the country, the company has over the years leveraged community and manpower strength to sustain its operations, hence the opening of the new solar powered station within the Abule Ado community.

The station, she revealed, has 10 underground tanks of 45,000 litres capacity each of petrol and one for Automated Gas Oil (AGO), adding that plans are underway to unveil new station in major state capitals.

“We are looking at opening at least five more outlets before the end of the year. We are still doing background works, but definitely we would have more in Lagos and some major state capital,” she stated.

Source: Guardian