Oil Company That Can’t Fix Refineries Wants to Build Hospitals via thisdaylive
For decades, Nigeria’s state oil company couldn’t maintain refineries meant to ensure domestic fuel supply, forcing Africa’s biggest producer to rely on imports. Now it wants to build hospitals to attend to the health needs of the country’s more than 200 million people.
It’s also among “measures to cope with the boom and bust cycle in the global crude-oil market and to sustain revenue generation,” the company, also known as NNPC, said in a statement. NNPC, which manages Nigeria’s oil interests with international energy companies, has on its own struggled with financial health for more more than 25 years. Apart from frequently missing its capital obligations in joint ventures, it has among the highest oil-production costs globally and has been saddled with cash-guzzling, dilapidated refineries for years.
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