The Crude Oil Refinery-Owners Association of Nigeria (CORAN) is set to host a summit aimed at revitalising the country’s refineries.
A statement by the chairman of CORAN, Mr. Momah Oyarekhua, said that the inaugural edition of the summit with the theme, “Making Nigeria a Net Exporter of Petroleum Products”, would hold from October 7 to 8, 2014 in Lagos.
He said the summit comes at a crucial time for the Nigerian oil industry as the nation navigates the opportunities and challenges presented by the deregulation of the downstream sector, adding that the deregulation of the downstream oil sector is expected to foster a more competitive market, attract foreign investments, and enhance the efficiency of local refineries.
“This summit is a vital step in our journey to not only meet domestic demand but also position Nigeria as a leading exporter of petroleum products. We are excited to bring together industry experts, policymakers, and investors to collaboratively explore and address the challenges and opportunities that lie ahead,” said Oyarekhua.
He explained that the summit will highlight the importance of creating a stable and transparent regulatory framework that encourages investment while protecting consumer interests and at the same time promoting collaboration between regulatory authorities, crude oil producers, and refinery operators to ensure a steady supply of feedstock at competitive prices, thereby supporting sustainable refining operations.
According to him and in light of the global shift towards cleaner energy and sustainable practices, the summit will also address the need for Nigeria to adopt advanced technologies, enhance local content, and align with global best practices. These strategies, he said, are essential for the country’s refineries to thrive in an evolving energy landscape and to achieve the goal of becoming a net exporter of petroleum products. “Our mission at CORAN is to empower Nigeria’s refinery sector to reach its full potential. By fostering collaboration and innovation, we aim to transform challenges into opportunities, driving economic growth and energy independence for our nation,” he added.
The Nigerian Crude Oil Refining Summit 2024 will feature keynote speeches, panel discussions, and networking opportunities with key stakeholders, including government officials, industry leaders, and international investors. Attendees will have the chance to engage in in-depth discussions about the future of Nigeria’s refinery business and explore collaborative approaches to overcoming industry challenges.