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The current state of Nigeria’s refineries might become a textbook example of why national oil companies should not combine downstream, midstream and upstream activities at the same time. Sure enough, Middle Eastern or some other NOCs might object that in their respective territories everything works fine yet Nigeria’s example is startling nevertheless. With a combined nameplate capacity of 445kbpd across four refineries, Nigeria ought to do much better than it does currently. NNPC’s new management claims that the historic refining…