CORAN Seeks Presidential Roundtable on Naira-for-Crude and Refinery Financing

The Crude Oil Refinery Owners Association of Nigeria has called for an urgent Presidential Refining Industry Roundtable to address obstacles facing domestic refineries. It wants a more predictable environment for investment, crude supply and fuel production. CORAN said local refiners still face foreign-exchange pressure, expensive credit, inadequate infrastructure, high logistics costs and difficulty accessing Nigerian crude on commercially workable terms. The association urged the Federal Government to fully institutionalise the Naira-for-Crude initiative for eligible large, medium-sized and modular refineries. The group also proposed a domestic crude-pricing framework that reflects delivery costs, crude quality, transport expenses and proximity to producing fields. It called for long-term refinery financing, stronger pipelines and storage facilities, strategic product reserves and reduced reliance on imported petroleum products. CORAN said the proposed roundtable should bring together regulators, NNPC Limited, crude producers, lenders, infrastructure investors and relevant ministries to develop a clear national refining roadmap.

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