The Minister of State, Petroleum Resources, Dr. Ibe Kachikwu has denied the rumor that the Federal Government intends to sell national refineries. The Minister of State in a media program explained that the Federal Government does not even plan to concession the refineries but has concluded plans to attract investment capital that will help mange the refineries better.
He explained that investors into the refineries would not be co-owners but co-managers to ensure that money invested are recovered back to them.
Dr. Kachikwu explained that the model is the best since people are looking for abandoned refineries to put money on and make profit ans since refining is a complex process, the nation needs all the funding and expertise it can attract to make its refineries work.
On the purported plan to increase the pump price of fuel, the minister of state said the government has no plan to do so and that the conducts and operations of his ministry is not targeted at politics but on deliverance.