Financial Energy Review
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has successfully hosted its maiden summit, CORAN 2024, under the theme “Making Nigeria a Net Exporter of Petroleum Products.” The landmark event discussed the future of Nigeria’s oil refining industry and its potential to drive economic growth and energy security.
The Minister of State for Petroleum Resources (Oil), Sen. Dr. Heineken Lokpobiri, represented by Engr Kamoru Busari, Director Upstream, Ministry of Petroleum Resources said that the summit’s theme, “Making Nigeria a Net Exporter of Petroleum Products,” is timely and essential and provides a crucial platform for stakeholders to explore Nigeria’s Midstream and Downstream Oil and Gas sectors, fostering self-sufficiency in refined petroleum products.
“Refinery development is not just about infrastructure; it is about energy security, economic growth, and positioning Nigeria as a global refining powerhouse,” Lokpobiri said.
In his opening remarks, CORAN Chairman, Mr. Momoh Oyarekhua, emphasized the summit’s significance in reshaping Nigeria’s energy landscape.
“This is a pivotal moment in our history. We aspire to shift from being an importer to becoming a refining powerhouse,” said Oyarekhua.
The CORAN Chairman outlined Nigeria’s refining journey, highlighting early successes with the establishment of key refineries. However, challenges like governance inefficiencies and unreliable crude supply have hampered growth, leaving Nigeria dependent on imported refined products. Despite an installed refining capacity of 1.122 million barrels per day (BPD), including new investments like the Dangote Refinery, utilization remains low.
CORAN proposed a comprehensive strategy to revitalize the sector, including securing sustainable feedstock supply, implementing regulatory reforms, integrating the value chain, and promoting new refinery investments.
The Independent Petroleum Producers Group (IPPG) through its Chairman, Mr. Abdulrazaq Isa, emphasized the importance of harnessing Nigeria’s abundant hydrocarbon resources, applauding government initiatives aimed at transforming the refining sector and boosting domestic production.
“Nigeria should have no business importing crude oil to meet domestic refinery feedstock given our vast hydrocarbon resources. It is crucial we unlock the much-needed incremental crude oil and gas production to secure our energy future,” Isa said.
The Vice Chairman of ND Western, Dr. Layi Balogun in his keynote address during the event’s dinner said that the CORAN Summit is crucial to Nigeria’s energy future.
“Nigeria needs energy security, but let us not forget that Nigerians also need energy availability and affordability. Achieving one without the others would mean we are walking on our heads,” Fatona said.
Looking ahead, CORAN envisions transforming Nigeria into a net exporter of petroleum products, creating jobs, and diversifying revenue streams. The association pledged to reconvene next year to assess progress and further advance Nigeria’s refining industry.
The Crude Oil Refinery Owners Association of Nigeria (CORAN) is dedicated to advocating for and promoting the development of Nigeria’s refining industry. CORAN is committed to achieving energy independence and fostering economic growth through the expansion of Nigeria’s refining capacity.
