Nigeria to sell oil refineries

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} The Nigerian government has announced its intention to sell off the countryÔÇÖs four oil refineries, with its budget deficit widening as a result of falling crude prices.   Finance minister Mansur Muhtar and petroleum minister Rilwanu Lukman said on national television last night that the government will also remove subsidies on petroleum products to reduce expenditure.   The ministers said these initiatives are part of a package of recommendations presented to the Presidential Steering Committee, the group responsible for mitigating the impact of the global financial crisis on Nigeria.   The country is looking for buyers for its refineries, located at Kaduna in the north, Warri in the south, and two at Port Harcourt in the oil-rich Niger Delta, said Muhtar. ÔÇ£We are not going to give them away but we are making sure that whoever buys into our refineries will run them efficiently.ÔÇØ   Nigeria is AfricaÔÇÖs largest oil producer, earning 90 percent of its export earnings from crude oil. Like other oil exporters, the country has been forced to reassess its spending plans with the price of falling almost 70 percent since its high point last July.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *