Zenith Bank BetaLife
Zenith Bank BetaLife
Zenith Bank BetaLife
Zenith Bank BetaLife

An oil industry expert and senatorial aspirant in the last general election in Abia state, Mr Chinedu Onyeizu, has commended the Federal Government for signing a government backed partnership with Russia to revamp the nation’s refinery.

Onyeizu gave the commendation in an interview with newsmen in Abuja on Sunday.

The Group Managing Director of the Nigerian National Petroleum Corporation, Mr Mele Kyari, at the Russia-African summit said the corporation had signed a Memorandum of Understanding for the Russian firms and the state company to rehabilitate Nigeria’s four refineries.

He also stated that gas infrastructure development was part of the discussion with the Russian investors.

Onyeizu said such collaboration to push the country’s gas resources to other parts of the country would bring significant transformation.

“Aside job creation for the teeming youths of the country which implementation of the agreements will yield, it will also enhance efficiency of the oil and gas sector, strengthen the nation’s GDP, and encourage diversification of Nigeria’s economy.

“The effect of this singular move goes beyond achieving the administrations liquid energy independence agenda.

“It will help eliminate negative climate change externalities associated with burning charcoal or using wood as cooking fuel.

“Our mothers in remote villages of Sokoto, Maiduguri, Ebonyi or Osun will have access to affordable LPG.

“The AKK gas pipeline project, an integral part of the Nigerian gas master plan, will hugely benefit commercial and industrial electricity consumers that fall within the project corridor,” he said.

He noted that Russia as a global giant in the oil sector had the capacity and expertise to turn around the fortunes of the sector in record time.

He said that a tap into their expertise could provide insight on how to maximise the by-products of crude in producing active pharmaceutical ingredients, fertilizers, and plastics that are in high demand in the country.

He described the partnership as mutually beneficial and suggested that Russia expertise be leveraged to make affordable gas accessible to millions of homes in Nigeria.

He advised that Russia expertise should also be deployed in curtailing oil linked pollution in the country.

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