General Electric Proposes To Invest In Nigeria’s Three Refineries

General Electric, GE, a US multinational company, on Tuesday in Abuja, proposed to invest in the nation’s three refineries located in Port Harcourt, Warri and Kaduna.

In a presentation to Nigerian National Petroleum Corporation, NNPC GMD, Dr. Maikanti Baru and his team, GE stated that the company’s teams of partners, including its consortium involving the Engineering, Procurement and Construction (EPC) partners, off-takers, traders and some financiers would be engaged in the initiative.

“We were involved in the tenders that started around last year which was subsequently withdrawn but our commitment to bringing the refineries on-stream is still very deep and we are very serious about it. We proposed that work will commence either with the Warri or Port Harcourt Refinery as a pilot, as we set a target to improve the refinery capacity before the end of 2017,” stated the company in its presentation.

GE’s desire to partner with NNPC on the rehabilitation of the three refineries came on the heels of a similar proposal by the Italian company, ENI, to establish cooperation with NNPC for the rehabilitation and enhancement of Port Harcourt Refinery as contained in the company’s release in Rome on Monday.

Leading a high powered delegation to the NNPC Towers, Jeff Immelt, GE Global Chairman and Chief Executive Officer, said as part of the offering, GE and NNPC have identified some major national power projects in the country and are currently developing the scope of intervention in the projects which have a potential combined capacity of about 4.4 gigawatts.

GE further pledged its readiness to work with the NNPC to make production in the Off-shore fields profitable for the benefit of both companies and other stakeholders, expressing the hope to consolidate on its existing working relationship with the Corporation to expand the prevailing power business and help NNPC achieve its vision of becoming the leading power company in Nigeria.

Welcoming the GE team to the NNPC Headquarters in Abuja, Group Managing Director of the Corporation, Dr. Maikanti Baru expressed delight in the interest GE had to intervene in some vital operational areas of the Corporation.

Dr Baru noted that GE’s offer of a package that includes projects financing would greatly improve collaboration and initiate the power projects rapidly.

The NNPC GMD also welcomed GE’s offer for support to boost the nation’s offshore production and raise crude oil reserve ratio replacement, urging the company to also tap into the opportunities on offer in medical supplies as the NNPC moves to commercialise the services of its 52 hospitals and clinics spread across the country in the years ahead.

GE, which headquarters is in Boston, Massachusetts, is worth $493 billion in asset and its business focus areas include oil and gas, power, water supply, aviation, healthcare, transportation and capital.