With increased global competition in the crude oil production space, and the need to find a solution to the rising subsidy payments, the Nigerian National Petroleum Corporation (NNPC), has said the country needs a refining capacity of about 1.52 million barrels per stream day (MBPSD), to meet its premium motor spirit (PMS) requirement by 2025. While the capacity requirement includes NNPC’s current nameplate capacity of 445,000 BPSD (WRPC, KRPC, and PHRC), and Dangote Refinery’s 650,000 BPSD, there is a shortfall of 427,000 BPSD, equivalent of 20 million litres of PMS daily. PMS, also known as petrol has the highest demand among the refined products, as most vehicles are run on the product, and according to the NNPC, the country’s petroleum products demand is expected to grow from 13.2 million metric tonnes (MMT) in 2015, to 15.1MMT in 2020, and 17.3MMT by 2025. Group Managing Director, NNPC, Dr. Maikanti Kachalla […]