Nigeria started the business of oil refining with a simple hydro-skimming plant of 38,000 barrels per day (bpd) refinery built by Shell-BP, at Eleme, near Port Harcourt, in Rivers State in 1965. The plant was then wholly owned and operated by Shell-BP.
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In October 1973, Egypt and Syria launched a surprise attack on Israel over its occupation of the Golan Heights and Sinai Peninsula, two Arab territories. With the now-defunct Soviet Union (read Russia) backing Egypt and Syria, the US automatically queued behind Israel. Arab countries, in solidary with Egypt and Syria, retaliated by placing an oil…