The Nigerian National Petroleum Corporation (NNPC) has stated that refineries that fail to meet the 90-day ultimatum to get fixed may be sold.

Speaking with journalists, on Thursday, the Group Managing Director (GMD) of the corporation, Dr. Ibe Kachikwu, stated that "by the end of December when the 90-day ultimatum will expire, any refineries that does not work optimally will be sold.

"I am determined to make a difference during my stay. We are losing $10 billion monthly to refinery inefficiency. As of today, the average refining performance is 30 per cent.

"If by December, the refineries don't work, I will export crude allocation and import refined petroleum products until we fix the refineries. Right now, the Port Harcourt refineries are showing signs they will meet the December deadline.

"However, I am not saying Warri and Kaduna refineries will not meet the deadline, but I hope they all meet it so that we can continue to utilise our crude allocation to boost domestic refining."

Kachikwu said that NNPC cash call arrears stood at $5 billion and hopes to settle the arrears by end of December 2015.

"By December, I hope to settle all the cash call arrears and grow NPDC to where it is supposed to be," he said.