Oil theft killing economy, as 265 illegal refineries uncovered in SPDC corridor

As Nigeria continues to struggle with oil theft, Chief Timipre Sylva, Minister of State for Petroleum Resources, has disclosed that there are over 265 illegal refineries in just the Shell Petroleum Development Company (SPDC) corridor.

On Thursday in Lagos, Sylva delivered a speech at the 60th anniversary of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI) over the situation.

The minister was represented by Mr Kamaru Busari, Acting Permanent Secretary, Ministry of Petroleum Resources.

He said vandalism and oil theft had resulted in Nigeria producing less than one million barrels of crude oil per day.

When oil prices were sky-high on the global market, Sylva claimed that the nation’s inability to satisfy its Organization of the Petroleum Exporting Countries (OPEC) quota had prevented it from receiving much-needed oil money.

Nevertheless, he claimed, in order to increase investor confidence in the industry, the government was working with…

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