The Bureau of Public Enterprise, BPE, said on Friday in Abuja that President Goodluck Jonathan has approved the privatisation of the nation’s four refineries.

The four refineries are Port Harcourt Refining Company Ltd. (PHRC) I, Port Harcourt Refining Company Ltd. (PHRC) II, Kaduna Refining and Petrochemical Company Ltd. (KRPC) and Warri Refining and Petrochemical Company Ltd. (WRPC).

According to a statement signed by the head of public communications of BPE, Chigbo Anichebe, the approval for the privatisation of the refineries is in keeping with the economic reform programme of the Jonathan administration which seeks to provide an enabling environment for private sector driven economy.

It said that the President also approved the constitution of a steering committee chaired by the minister of petroleum resources, Diezani Alison- Madueke, which consists of stakeholders from relevant ministries and agencies for the privatisation process.

Other members of the committee are the minister of finance, Ngozi Okojo-Iweala, the minister of power, Chinedu Nebo, minister of labour, Emeka Wogu, the supervising minister of national planning, Bashir Yuguda, minister of mines and steel development, Musa Mohammed Sada and minister of justice, Bello Adoke.

Anichebe said the steering committee will advise the National Council on Privatisation, NCP, headed by Vice President Namadi Sambo on the best way to privatise the refineries.

“The committee will review the diagnostic reports and recommendations of the transaction advisors and make recommendations to the NCP, propose modalities and make recommendations on labour matters to ensure a successful privatisation,” he said.

They will also oversee the general process, make recommendations and carry out any other ancillary activities relevant to the attainment of the goals of the federal government in the privatisation of the nation’s refineries.

Meanwhile, the director general of the BPE, Benjamin Dikki, pledged the commitment of committee to carry out the privatisation exercise in a transparent mannner.

“The directives we have is to conduct the privatisation process transparently, complying with due process and international best practice. We are expected to improve on the high standards set in the power sector transaction, which has received accolades all over the world as being very transparent,” he said.

Dikki added that further details on the transaction structure and time table would be announced after the steering committee’s inaugural meeting.