CORAN's Momoh Oyarekhua Advocates for Local Refining Growth

The Crude Oil Refinery-Owners Association of Nigeria (CORAN), chaired by Momoh Oyarekhua, has called for an end to unnecessary petroleum product imports, advocating for the Federal Government to maximize domestic refining capacity. This appeal was made during the 3rd Nigeria Oil Refining Summit at Eko Hotel, Lagos.

Oyarekhua emphasized the need for reforms in the petroleum sector to optimize existing refineries, improve infrastructure, and create an export-oriented refining industry. He stated that Nigeria should transition from exporting crude oil to becoming a refining hub for Africa.

Oyarekhua highlighted the importance of domestic refineries having reliable access to crude oil and called for increased investment in pipelines and storage infrastructure. He proposed the full institutionalization of the Naira-for-Crude initiative and a domestic crude pricing template.

The association's agenda includes eliminating petroleum product imports as domestic refining capacity grows, alongside mechanisms for long-term financing and the development of necessary infrastructure.