Group wants 50% cut in modular refinery licence fee

The Crude Oil Refiners Association of Nigeria (CORAN), the umbrella body of indigenous crude oil refiners, has appealed to the federal government to reduce renewal fee of modular refinery licence by 50 per cent.  CORAN also called on the Central Bank of Nigeria (CBN) to create a crude refinery intervention fund to drive effective business […]

The Crude Oil Refiners Association of Nigeria (CORAN), the umbrella body of indigenous crude oil refiners, has appealed to the federal government to reduce renewal fee of modular refinery licence by 50 per cent. 

CORAN also called on the Central Bank of Nigeria (CBN) to create a crude refinery intervention fund to drive effective business operations in the sector.

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The association said the fund should be like that of Agricultural Credit Fund or the Pharmaceutical Fund domiciled at the CBN. 

CORAN Board of Trustees’ chairman, Emmanuel Iheanacho, made the appeal during the association’s visit to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja after its formal registration, it said in a statement.

The Secretary of CORAN, Olusegun Ilori, appealed to NMDPRA to ensure that all incentives that were given to Dangote Refinery are also extended to other refineries.

The association urged NNPC/NMDPRA and NUPRC to engage with the licensed modular refineries in order to develop an appropriate commercial model that would guarantee reliable feedstock

The NMDPRA’s Executive Director Hydrocarbons Processing Plants, Installation and Transportation Infrastructure (HPPITI), Mr Francis Ogaree, who spoke on behalf of the Authority, however assured CORAN of the agency’s support, and urged that they should reach out to the committee that will be set up to work with refineries.