President Goodluck Jonathan has approved the privatization of the nation’s four refineries by the Bureau of Public Enterprises (BPE).
In a statement on Friday signed by the Head of Public Communications of BPE, Mr Chigbo Anichebe, the president also approved the constitution of a Steering Committee made up of stakeholders from relevant ministries and agencies for the privatization process.
According to BPE, the decision to privatize the refineries was in line with the economic reform programme of the current administration.
The statement said: “This is in keeping with the transformation agenda, which seeks to catalyse and provide an enabling environment for the private sector to be the drivers of economic growth in the country”.
The four refineries are Port Harcourt Refining Company Ltd. I, Port Harcourt Refining Company Ltd. II, Kaduna Refining and Petrochemical Company Ltd. and Warri Refining and Petrochemical Company Ltd.
The statement added that the Steering Committee will advise the National Council on Privatisation, NCP, which is chaired by Vice President Namadi Sambo on the best way to privatize the refineries.
“The committee will review the diagnostic reports and recommendations of the transaction advisors and make recommendations to the NCP, propose modalities and make recommendations on labour matters to ensure a successful privatization.
“They will also oversee the general process, make recommendations, carryout any other ancillary activities relevant to the attainment of the goals of the Federal Government in the privatisation of the nation’s refineries”, it said.
The Steering Committee is to be chaired by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, with the Minister of Finance and Coordinating Minister of the Economy (Ngozi Okonjo-Iweala), the Minister of Power (Chinedu Nebo), Minister of Labour (Emeka Wogu), the Minister of National Planning (Shamsuddeen Usman), Minister of Mines and Steel Development (Musa Mohammed Sada) and Minister of Justice (Mohammed Bello Adoke) as members.
Others are the chairman of the Extractive Sub Committee of NCP, Special Adviser to the Vice President on Economy, Group Managing Director of NNPC, Director General of BPE, Group Executive Director (Refineries), NNPC, and the Managing Directors of the refineries.
The Director of Oil and Gas Department, BPE, will act as Secretary of the committee.