Photo caption: A refinery
The Crude Oil Refinery-owners Association of Nigeria (CORAN) is set to hold the inaugural edition of the Nigerian Crude Oil Refining Summit scheduled for October 7th and 8th, at the Eko Hotel & Suites, Lagos. This critical event, themed “Making Nigeria a Net Exporter of Petroleum Products,” comes at a crucial time for the Nigerian oil industry as the nation navigates the opportunities and challenges presented by the downstream oil deregulation.
The summit aims to provide a comprehensive platform for discussing the significant transformations within Nigeria’s oil sector. As the country transitions towards a deregulated downstream oil market, there is a pressing need to evaluate the investment landscape and operational viability of refinery businesses. This deregulation is expected to cultivate a competitive market environment, attract foreign investments, and boost the operational 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 Mr. Momoh Jimah Oyarekhua, CORAN.
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 CORAN, 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 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,” Oyarekhua said.
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.
The Crude Oil Refinery-owners Association of Nigeria (CORAN) is dedicated to advancing the interests of Nigeria’s refinery owners and operators. CORAN advocates for policies that promote investment and growth in the oil refining sector, ensuring the industry’s sustainability and its contribution to Nigeria’s economic development.
