Oando to Seek FG’s Approval to Refurbish Refineries

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By Modupe Gbadeyanka

Managing Director of Oando Plc, Mr Adewale Tinubu, has disclosed that the oil giant will approach the Federal Government to obtain an approval to refurbish one or two refineries in the country.

Speaking in Lagos at the Facts Behind the Figures session at the Nigerian Stock Exchange (NSE), Mr Tinubu stated that his company will take advantage of the opening put in place by the government.

According to him, this development would go a long way to stop importation of petrol into the country and possibly make the product available to Nigerians at a cheaper rate.

The Oando boss commended the government for bringing peace to the oil-rich Niger Delta region of the country, confirming that the volume of oil produced by Nigeria has improved.

He pointed out that militancy in the region had frustrated stakeholders in the oil and gas sector, but stressed that things are getting better at the moment.

Also, Mr Tinubu said the forex crisis in the country last year caused some challenges for the company, but said Oando was able to survive.

According to him, steps have been taken by the oil firm to lessen the forex problem by focusing on Dollar-denominated export earnings.

He explained that this would be done by ensuring 90 percent of its earnings is focused on Dollar, with the remaining 10 percent on Naira. He said this would enable it stay afloat.

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