blacksta: The More you look the less you see. I would hold my comment before i am labelled as anti GEJ or blood sucking boko haram worshipper

The same FG said them no dey the business of building refinery - which one now.

blacksta: The More you look the less you see. I would hold my comment before i am labelled as anti GEJ or blood sucking boko haram worshipper

The same FG said them no dey the business of building refinery - which one now.

Beaf:

You have time to answer kobojunkie? Lol!
VOA where the news is sourced is America's official state news agency. It packs as much authority as the FBI or CIA.
Allow kobojunkie to run mad, phoning up and researching. He will soon be phoning the White House to ask if Obama is real! Hilarious shiit!

Will this development bring down the retail prices of PMS, AGO, DPK & other by products? Considering the fact that any firm will want to recoup its investments as soon as possible. & lets admit, with the PHCN tarriff increment ''to attract private investors in the power sector'', i do not think this govt will have any qualms about shifting the price burden on Nigerians when the refineries are completed probably so as to attract ''more investments in the oil sector''. So again i ask, will there really be a downward change in price of products??

Beaf:

You have time to answer kobojunkie? Lol!
VOA where the news is sourced is America's official state news agency. It packs as much authority as the FBI or CIA.
[size=18pt]Allow kobojunkie to run mad, phoning up and researching. He will soon be phoning the White House to ask if Obama is real! Hilarious shiit[/size]!

Beaf: Lol @ kobojunkie doing research on Jim Mansfields innermost details! You wanna do the guy 419?

manny4life:

First, to my knowledge of the report, the FG is not partnering with them, perhaps, doesn't have any sorta equity in it.

Second, ask yourself, what is the cost of crude oil/barrel? What is the cost of refining and distribution? That should highlight for you if the price will remain or go downward. Isn't the removal of subsidies the issue of the subsidy saga? Nigerians were angry because there was no gas and other resources YET they paid more, now you have refineries which is supposedly to be built (keeping my finger crossed), YET yall complain.

Find Out!:

Will this development bring down the retail prices of PMS, AGO, DPK & other by products? Considering the fact that any firm will want to recoup its investments as soon as possible. & lets admit, with the PHCN tarriff increment ''to attract private investors in the power sector'', i do not think this govt will have any qualms about shifting the price burden on Nigerians when the refineries are completed probably so as to attract ''more investments in the oil sector''. So again i ask, will there really be a downward change in price of products??

Eziachi:
Who is complaining? I am celebrating, with my champagne kept sealed in the fridge just in case it turn out to be many of Jonathan fictional fresh air promises, so I can return the wine and get my money back.

Beaf:

You have time to answer kobojunkie? Lol!
VOA where the news is sourced is America's official state news agency. It packs as much authority as the FBI or CIA.
Allow kobojunkie to run mad, phoning up and researching. He will soon be phoning the White House to ask if Obama is real! Hilarious shiit!

Kobojunkie:

One good thing I have for many of the western firms is that unlike Nigerians firms, they understand that it will take time to recoup their investments and so they hang in for as long as it will take them. Nigerian firms on the otherhand typically rush to make it all back in the first year or two and that, has served against them.

I hope that when we eventually get new refineries in place, they will be run and maintained by able hands, and will help bring down prices across the board. So far, I think this government has succeeded in putting a new spin on what it means to be cautiously optimistic. Even more than ever before, "seeing is believing". So until I see the change, I will wait to believe.

Find Out!:
OK. OK.

@Beaf & other pro GEJs, I (& other Nigerians too i believe) would have loved a situation whereby the refineries are wholly owned by the Nigerian government. During the subsidy brouhaha back in Dec/Jan/Feb, i read some articles from different sources which point to the fact (or assertion if you please) that the refining business is not so profitable anymore, hence the closure/divestment of many refineries by top companies around the world. So, my point of view then was (still is) that its better for the government to build the refineries, coz the government can absorb (initial) losses / initial low profit margins better than a private firm. I STRONGLY believe Nigeria has the funds to construct the refineries, without recourse to the worldbank or the dreaded IMF for aids/loans/stuff like that.
Now that we have the FG partnering with a PRIVATE AMERICAN firm, I want to know:


Will this development bring down the retail prices of PMS, AGO, DPK & other by products? Considering the fact that any firm will want to recoup its investments as soon as possible. & lets admit, with the PHCN tarriff increment ''to attract private investors in the power sector'', i do not think this govt will have any qualms about shifting the price burden on Nigerians when the refineries are completed probably so as to attract ''more investments in the oil sector''. So again i ask, will there really be a downward change in price of products??

@ Others (not ProGEJ), Please feel free to comment/answer my questions above. & lets TRY to refrain from insults. Let this thread be educative. I miss those days on NL when points were properly challenged/dissected/supported without the use of too many insults.

For the record, I'm not impressed so far with the performance of GEJ as President. I did not vote for him & probably still wont in 2015, UNLESS he impresses me & majority of Nigerians. But he's the president, & we can't but wish him well for our sake. While we criticize him, especially on a forum like this, let us do so constructively i.e. with valid points & facts & figures. Gbawe, u r needed here.

If this is a good move, people, please educate the house, if it is not, give us reasons. I do not think it is, like I've said earlier, but i await education on the matter via proper analysis with facts.

Eziachi:
Maybe in the same vein, next time you put a date to end terrorism (army without face/barracks) you should announce it through VOA because they pack much authority as FBI and CIA, because president Obama always chooses radio Russia to announce his policy initiatives.
I am laughing now with you.

manny4life:

Kobo and her cohorts are the ones complaining bitterly. Like I've always stated, me sef I don't want promises anymore, I want actuality and commissioning AND I'm keeping my fingers crossed about this one. Let's hope this is done right.


Bros, open your champagne and celebrate, there's no money back guarantee after 1 year if it turns out that it's fictional promises

Beaf:

You are too old for this, sir.

abes: I have spent several hours searching for Vulcan Petroleum Resources official website just to know more about the company. Somebody should please let us know this MEGA/BIG company's website.

abes: I have spent several hours searching for Vulcan Petroleum Resources official website just to know more about the company. Somebody should please let us know this MEGA/BIG company's website.

manny4life:

First, to my knowledge of the report, the FG is not partnering with them, perhaps, doesn't have any sorta equity in it.

Second, ask yourself, what is the cost of crude oil/barrel? What is the cost of refining and distribution? That should highlight for you if the price will remain or go downward. Isn't the removal of subsidies the issue of the subsidy saga? Nigerians were angry because there was no gas and other resources YET they paid more, now you have refineries which is supposedly to be built (keeping my finger crossed), YET yall complain.

manny4life:


You're sounding more ridiculous by the minute, you're right it's a business for 2 people with only a chair and desk.

manny4life:

please have your free access to them online OR call IRS and then tell me what the FEIN number is for

1. Wal-Mart
2. Target
3. CVS Pharmacy/CVS Caremark...

After all these companies are Fortune 500 companies with at least $50 billion on assets. So please submit your free lookup website, I really want to know...

Find Out!:


Nah, we not complaining. We just kinda prefer a situation whereby the refineries are owned by the Government of Nigeria, or at least, a private NIGERIAN firm. I dont think that amounts to ''complaining'', does it?

manny4life:

First, to my knowledge of the report, the FG is not partnering with them, perhaps, doesn't have any sorta equity in it.

Second, ask yourself, what is the cost of crude oil/barrel? What is the cost of refining and distribution? That should highlight for you if the price will remain or go downward. Isn't the removal of subsidies the issue of the subsidy saga? Nigerians were angry because there was no gas and other resources YET they paid more, now you have refineries which is supposedly to be built (keeping my finger crossed), YET yall complain.

Kobojunkie: Again . . .



I have searched too and I can't seem to find any FEIN for the company "Vulcan Petroleum Resources". Neither have I been able to find much of Mr Jim Mansfield, apart from what is in the media on this Nigerian deal.

I don't understand how "Vulcan Petroleum Resources" became "Vulcan Capital Management" OR ANY OF it's subs. I mean there is also "Vulcan Oil Co", based in Bessemer Alabama, and then " Vulcan Petroleum, Metals And Equipment, Inc". None of those lists any info on a Jim Mansfield as VP.

I don't know if I am to assume that Vulcan Water Resources LTD is another name for Vulcan Petroleum Resources.

Hoping to live long and prosper in the vast oil and gas industry universe, Vulcan Energy is an independent midstream energy holding company whose primary asset is its 50.01% controlling stake in the general partner of Plains All American Pipeline. Plains All American Pipeline has gathering, terminal, and storage facilities in the US and Canada. It owns about 16,000 miles of gathering and mainline crude oil pipelines, moves more than 3 million barrels of product per day, and has an oil storage capacity of 28 million barrels. Vulcan Energy is 80%-owned by former Microsoft co-founder Paul Allen.

Address: 333 Clay St., Ste. 1600
Houston, TX 77002
Phone: 713-646-4100
Fax: 713-646-4313

Chairman and CEO: James C. (Jim) Flores
EVP and CFO: Stephen A. (Steve) Thorington

Find Out!:


Nah, we not complaining. We just kinda prefer a situation whereby the refineries are owned by the Government of Nigeria, or at least, a private NIGERIAN firm. I dont think that amounts to ''complaining'', does it?

Thanks for your input tho

Eziachi:
Now you are talking like the son or daughter of your father. Don't barrate skeptic one, because, with Jonathan in charge, no promise is sensibly swallowed without having egg on your face later.

Eziachi:
You are right on the money boy-oyoyo.
I am too old to be easily misled as in many times before with promises. So I can't argue with you on that front bobo.

Find Out!:


Nah, we not complaining. We just kinda prefer a situation whereby the refineries are owned by the Government of Nigeria. I dont think that amounts to ''complaining'', does it?

Thanks for your input tho

Its the costs implication/profitability/feasibility/overall impact on NIGERIANS i would want us to properly assess. Please note that the major social amenity on which businesses thrive in Nigeria i.e. POWER has not been fully addressed yet. Lack of power supply drives up the cost of business. & a private refinery is business.

Btwm,wassup with Orient refinery

Kobojunkie:

I have posted no complaints myself however i do not agree with you on Nigerian owned refineries. The current refineries are still struggling to improve capacity. We have read so many false news of the refineries working at near full capacity, only to read later on that it was all a lie.

Over the weekend, Saturday Punch revealed this in it's report.
http://www.punchng.com/news/two-of-nigerias-refineries-pack-up-others-produce-at-25-of-installed-capacity/

At this point, a Nigerian-run refinery does not make sense to me.

eGuerrilla:

Good to note that there are still NLers who take due diligence very seriously.
Vulcan Energy is the company you should have searched for.


Source

eGuerrilla:

Good to note that there are still NLers who take due diligence very seriously.
Vulcan Energy is the company you should have searched.


Source