NNPC to Increase Stake in Chevron GTL Refinery to 60 percent

NNPC's Daily Petrol Supply Surges To 72.72 million Litres

The Nigerian National Petroleum Corporation (NNPC) said it would increase its stake in a Chevron-operated gas-to-liquid (GTL) refinery to 60 per cent as part of a cost dispute resolution with the US oil major.

NNPC has a 20 per cent stake in the plant located some 60 miles (100 kilometres) southeast of Lagos.

California-based Chevron, which is trying to sell some Nigerian assets in an effort to focus on its fast-growing US production, did not immediately comment.

The 33,000 barrel-per-day (bpd) plant, which produces synthetic diesel, liquefied petroleum gas (LPG) and naphtha from natural gas using technology from South Africa’s Sasol, cost around $10 billion to build, four times the original estimate, and Reuters reported that its start-up in mid-2014 was years behind the scheduled date.

Source: THISDAY