Generating Increased Revenue From Crude Oil
For many years, Nigeria generated most of its income from the sales of crude oil but due to the volatile nature of the market, global companies and stakeholders should look for ways to see what products can be extracted from crude oil during production and the refining process. Some of the products derived during these processes are Gasoline, Diesel, Butane, Liquefied Natural Gas, Liquefied Petroleum Gas, Bitumen, Petroleum Waste Products.
Can stakeholders use technology and specialist skills to capture more gases or extract various raw materials which in turn will generate increased revenue for the stakeholders involved? These products has to be viable in order for stakeholders to invest in such projects.
There are thousands of items that can be generated from Petroleum such as Insecticides, Petroleum Jelly, Soap, Shoes, Shampoo and many more. If factories are created in the country to produce quality items such as those listed above, we won’t as a country have to import the named products above thereby providing employment and reduction in prices of products manufactured locally.
Excellent article, thank you. Carmelina Chrisse Gunnar