The proposed 300,000 barrel per day
Greenfield Lekki Refinery located in
Lagos may remain in the realm of
wishful thinking of the Lagos State
government and the stakeholders if
the alleged flaws in the new Petroleum
Industry Bill (PIB) are not immediately
addressed.
Some of the investors told LEADERSHIP
Sunday in Lagos that they backed out
of the project because of some of the
contentious clauses in the PIB before
the National Assembly. “The
International Oil Companies (IOCs)
driving the Lekki Refinery are
reluctant to risk their money in the
project because of some provisions in
the PIB. The bill is not in our interest.
We want the status quo to be
maintained as in pre-PIB Joint Venture
Agreement with the Nigerian National
Petroleum Corporation (NNPC) and
the Lagos State government,” said one
of them. “Right now, I must tell you
that investors are worried that the
passing of the PIB in its present form
will automatically reverse the earlier
agreements.
The provisions of the PIB cede too
much power to the government at the
expense of the investors. There is also
this feeling among the investors that
when the PIB is eventually passed the
host communities’ equity participation
in the upstream oil and gas industry
will be increased. The 8 per cent the
IOCs think is right going but the PIB
will increase it to 10 per cent.”
He added that these facts, coupled
with frequent changes in the top
management of the NNPC by the
federal government, had made
sourcing of funds for the $8 billion
project difficult.
LEADERSHIP Sunday’s visit to the Lekki
Free Trade Zone (LFTZ), the proposed
site of the refinery, showed that the
envisaged 2017 streaming date might
not be realised as nothing was on the
ground to demonstrate the seriousness
of the investors to deliver the project.
It was observed that, since the signing
of the agreement between the Lagos
State government and the NNPC in
collaboration with a consortium of
Chinese investors known as ChinaState
last year for the establishment of the
refinery under a public-private
partnership (PPP) arrangement,
nothing tangible had been done.
If the stakeholders had gone ahead
with the construction of the refinery as
planned, it would have, in addition to
the above crude output, produced
500,000 metric tonnes of liquefied
petroleum gas (LPG) per annum.
Under the arrangement, the Chinese
are expected to provide 80 per cent of
the funds, leaving 20 per cent to the
NNPC. The Lagos State government
will, in addition to providing the land
for the project, construct
infrastructure such as road to the site
and electricity.
Optimistic that the partnership would
work, Governor Babatunde Fashola,
who recently received a delegation of
the investors led by the group
executive director, engineering and
technology of the NNPC, Billy Agha,
said the state was set for the multi-
billion-naira refinery
The governor said the project was
coming at the most opportune time,
adding that the government did not
foresee any hurdle in the project with
the involvement of the Chinese
investors because the state was
already partnering with another group
of Chinese investors on the
development of the first phase of the
LFTZ.
The NNPC management hopes that the
Lekki refinery, when completed, will
provide over 7,000 jobs for both skilled
and unskilled labour.

http://leadership.ng/nga/articles/48482/2013/02/24/chinese_company_may_abandon_8bn_lagos_refinery_project.html

wow these kleptomaniacs, how will you build a refinery without any oil. They wanted to thief ND oil for the refinery as usual but thank God the PIB has come to the rescue. Perhaps Fashola should use the excess water from the Eko Atlantic to run the refinery.

@Op, what are you, half a meatball? Where is it written that there is no oil? Are you dyslexic? This hate syndrome will lead you nowhere!

Multi million dollar contract gone just like that.

:

Another worthless thread by a free ranger

Yoruba busted big time. Thought they said lagos has oil?

[size=18pt]Unless they are building the refinery for Lagos oil field, if not then the Chinese company must love to waste money. All oil will be refined in the oil producing state. Rivers oil is not coming to Lagos. Let us sit down and divide the country. Let yaribas keep dirty Eko.[/size]

All ds ND were too fool of themselves, av dey forgotten dat pre/post independence it was resources from d west,north and east, later mid-west dat was used to developed Nigeria state. Let me make one fact clear if d Naija republic breaks, d SW will not suffer anything. Infact d so call ND will suffer most otherwise dey will be subjected to d western economy powers who will control their oil n politics , govt by extension. Otherwise they will finish them under third world other and occupy their. Territories(ask d likes of kuwait,UAE). I rest my case for another day. Note Ondo state has oil, bitumen, osun - gold , Lagos - oil,among other things.

Foolish people . Do you need to have oil to have a refinery.nobody can hold us back. We will simply refine the oil from ondo state and buy the rest from overseas.yes. You heard that right. The smart money is on the southwest.

Wonder what kind of life some people lives! Little wonder they can't successfully lead themselves let alone leading others!
Were they not the one claiming about 70% developement and ownership of lagos when there is any good news about it and despise it when the news are not ok.

Even if there is no crude oil in lagos which is lacking in the news. How many of the crude oils got in the niger delta are refined in nigeria? Instead of transporting it to USA for refining, won't it be sensible getting them to the proposed lagos refinery?
Well, wisdom is not for everybody.

FreeGlobe: wow these kleptomaniacs, how will you build a refinery without any oil. They wanted to thief ND oil for the refinery as usual but thank God the PIB has come to the rescue. Perhaps Fashola should use the excess water from the Eko Atlantic to run the refinery.

Yeah, it makes more sense for the crude to be shipped to Europe and America first and then import the refined products back to Nigeria.
Hate and dumbness must go hand in hand. Who is stopping ND governments from starting their own refineries?

Fola Aribilola: All ds ND were too fool of themselves, av dey forgotten dat pre/post independence it was resources from d west,north and east, later mid-west dat was used to developed Nigeria state. Let me make one fact clear if d Naija republic breaks, d SW will not suffer anything. Infact d so call ND will suffer most otherwise dey will be subjected to d western economy powers who will control their oil n politics , govt by extension. Otherwise they will finish them under third world other and occupy their. Territories(ask d likes of kuwait,UAE). I rest my case for another day. Note Ondo state has oil, bitumen, osun - gold , Lagos - oil,among other things.

Resources from the west, north and east used to develop Nigeria? PLease can you point ot anywhere in the ND where such resources were used to develop? Bayelsa just joined the national power grid a few years ago. Nigeri delta was completely ravaged and oyu are claiming money from under your bed was used to develop it. No wonder the Niger Dleta looks like Europe!
Comedian!

I think its better there's no oil in Lagos. Look at all the States that have it and see what's going on there. Even Anambra that just joined the club is already facing their own problem. P.S: I hate the Chinese.

FreeGlobe: wow these kleptomaniacs, how will you build a refinery without any oil. They wanted to thief ND oil for the refinery as usual but thank God the PIB has come to the rescue. Perhaps Fashola should use the excess water from the Eko Atlantic to run the refinery.

so so u mean dia was no oyel there? Haha i told you that APC has an agenda to sidetrack the poor people of the niger delta but Jehova Nisi has been watching and decided to push the PIB.

Eko Oni Gbo Gbo

What is the difference between building refinery in lagos or in sokoto?
Both states are not oil-producing,and it will be a waste of money.
Never again will local refineries be built far away from site of resources,and i am happy the PIB will address that.

FreeGlobe: wow these kleptomaniacs, how will you build a refinery without any oil. They wanted to thief ND oil for the refinery as usual but thank God the PIB has come to the rescue. Perhaps Fashola should use the excess water from the Eko Atlantic to run the refinery.

FreeGlobe:

If not for your frequent clashes with Chino, I would have concluded that you are Chino operating with another moniker.