The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed that the Federal Government is ready to provide incentives for the International Oil Companies (IOCs) for the establishment of refineries in the country.

Kachikwu disclosed this when he paid an official visit to the headquarters of ExxonMobil, encouraging IOCs operating in Nigeria to deepen their investment in the oil and gas sector.

"IOCs operating in Nigeria should endeavour to establish joint venture signature refineries with the federal government, who will in turn provide the necessary incentives," he said.

"This will help to boost the effort of the Federal government in reducing importation of petroleum products," Kachikwu said.

While reiterating the gains that have been made in the sector through the signing of the repayment agreement for the Joint Venture Cash Call in 2016, Kachikwu further clarified that the initial payments to the IOCs would be made by the end of April 2017 and that it would be expedient if the IOCs reciprocate the Federal Government’s gesture and commitment by ensuring that they ramp up investments in the country’s oil and gas sector.

He, therefore, charged ExxonMobil to invest in more practical deliveries in the area of human capital development and investment in local growth of skill sets required in the oil and gas sector.

Meanwhile, the ExxonMobil has reiterated its commitment to help deliver power to Nigeria and support the gas commercialisation programme of the Ministry of Petroleum Resources.