The Crude Oil Refinery-owners Association of Nigeria (CORAN) is launching the first Nigerian Crude Oil Refining Summit on October 7-8, 2024, at Eko Hotel & Suites, Lagos. The summit, themed “Making Nigeria a Net Exporter of Petroleum Products,” comes at a pivotal moment for the Nigerian oil sector as it adapts to the changes brought by downstream oil deregulation.
This event will serve as a crucial platform for exploring the major changes within Nigeria’s oil industry. With the shift towards a deregulated downstream market, there is an urgent need to assess the investment climate and the operational viability of refineries. The deregulation is anticipated to foster a competitive market, attract foreign investment, and enhance the efficiency of local refineries.
Mr. Momoh Jimah Oyarekhua of CORAN stated, “This summit is a crucial milestone in our effort to not only meet domestic demand but also to position Nigeria as a leading exporter of petroleum products. We look forward to engaging with industry experts, policymakers, and investors to collaboratively address the challenges and opportunities ahead.”
The summit will focus on the necessity of a stable and transparent regulatory framework that supports investment while safeguarding consumer interests. It will also emphasize the need for cooperation among regulatory bodies, crude oil producers, and refinery operators to ensure a steady supply of feedstock at competitive prices, thus supporting sustainable refining operations.
In response to the global trend toward cleaner energy and sustainable practices, CORAN will also discuss how Nigeria can embrace advanced technologies, enhance local content, and align with international standards. These measures are essential for Nigerian refineries to excel in a changing energy landscape and achieve the goal of becoming a net exporter of petroleum products.
Oyarekhua added, “CORAN’s mission is to empower Nigeria’s refinery sector to realize its full potential. By promoting collaboration and innovation, we aim to transform challenges into opportunities, driving economic growth and energy independence for our nation.”
The Nigerian Crude Oil Refining Summit 2024 will feature keynote addresses, panel discussions, and networking opportunities with key stakeholders, including government officials, industry leaders, and international investors. Attendees will have the chance to engage in detailed conversations about the future of Nigeria’s refining industry and explore collaborative solutions to industry challenges.
CORAN remains dedicated to advancing the interests of Nigeria’s refinery owners and operators, advocating for policies that foster investment and growth in the oil refining sector, and ensuring its sustainability and contribution to Nigeria’s economic development.
