General Electric, GE, a US multinational company with an asset valued at 493 billion dollars which business focus areas include oil and gas, power, water supply, aviation, healthcare, transportation and capital, Tuesday in Abuja, proposed to invest in the nation’s three refineries located in Port Harcourt, Warri and Kaduna.

GE, in a presentation to NNPC GMD, Dr. Maikanti Baru and his team stated that the company’s teams of partners, including its consortium involving the Engineering, Procurement and Construction (EPC) partners, off-takers, traders and some financiers would be engaged in the initiative.

‘’We were involved in the tenders that started around last year which was subsequently withdrawn but our commitment to bringing the refineries on-stream is still very deep and we are very serious about it. We propose that work commences either with the Warri or Port Harcourt Refinery as a pilot, as we set a target to improve the refinery capacity before the end of 2017,’’ the Company stated in its presentation.

GE’s desire to partner with NNPC on the rehabilitation of the three refineries came on the heels of a similar proposal by the Italian company, Eni, to establish cooperation with NNPC for the Rehabilitation and enhancement of Port Harcourt Refinery as contained in the company’s release in Rome yesterday July 23, 2017.

Leading a high powered delegation to the NNPC Towers, Jeff Immelt, GE Global Chairman and Chief Executive Officer, said as part of the offering, GE and NNPC have identified some major national power projects in the country and are currently developing the scope of intervention in the projects which have a potential combined capacity of about 4.4 gigawatts.

GE further pledged its readiness to work with the NNPC to make production in the Off-shore fields profitable for the benefit of both companies and other stakeholders, expressing the hope to consolidate on its existing working relationship with the Corporation to expand the prevailing power business and help NNPC achieve its vision of becoming the leading power company in Nigeria.

Welcoming the GE team to the NNPC Headquarters in Abuja, Group Managing Director of the Corporation, Dr. Maikanti Baru expressed delight in the interest GE had to intervene in some vital operational areas of the Corporation.

Dr Baru noted that GE’s offer of a package that includes projects financing would greatly improve collaboration and initiate the power projects rapidly.

The NNPC GMD also welcomed GE’s offer for support to boost the nation’s offshore production and raise crude oil reserve ratio replacement, urging the company to also tap into the opportunities on offer in medical supplies as the NNPC moves to commercialize the services of its 52 hospitals and clinics spread across the country in the years ahead.

About NNPC

The Nigerian National Petroleum Corporation (NNPC) is the state oil corporation which was established on April 1, 1977. In addition to its exploration activities, the Corporation was given powers and operational interests in refining, petrochemicals and products transportation as well as marketing. Between 1978 and 1989, NNPC constructed refineries in Warri, Kaduna and Port Harcourt and took over the 35,000-barrel Shell Refinery established in Port Harcourt in 1965.

About GE

GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.