We are here watching,Vulcan Energy or Vulcan Petroleum we shall see way this take us.

Time will tell.

Kobojunkie: No, I don't think Vulcan Petroleum Co is Vulcan Petroleum Resources. I called a couple of the numbers I found and was finally told they, Vulcan Petroleum Co. had no dealings with Nigeria.

I didn't think they did - it was more tongue in cheek than anything else.

My gut says Vulcan Capital Management may have a hand in it since it is the same Vulcan that screwed up in Sokoto but on it's wiki claims that it did the work. However, I have no proof since Vulcan Petroleum Resources is listed nowhere, and everytime I have called the number I found for Vulcan Capital Management, the voice on the answering machine says to leave a message for Amwell. I googled the office location and it is on East 52nd in NY, but only thing left is to get someone to visit and confirm if that one is real or not.

I'm fairly confident the address is real - the question would be whether the visit would reveal much about the nature of the relationship (if any) between Vulcan Petroleum Resources and VCM.

Nigerians colluding with foreigners have been creating shell companies purely with the intent to defraud for ages. . . I suspect this VPR Ltd is simply another example of this.

I discussed this with someone here yesterday and was told there was probably a Nigerian behind all this.

I just got SaharaReporters phone number in NY. Probably will call them when I am wide-awake, to see if someone will go down there today to check.

Gbawe:

My brothers reasonable folks are left with no other conclusion.

If we have decided to go the PPP route with our refineries then, if an ambitious Nation now under progressive-minded leadership, why not naturally initiate a transparent and public process to gauge interest considering that every time similar ideas has been mooted in the past, the reaction from many established and reputable operators was "very positive" to put it lightly?

What prompted this "shotgun" marriage Aganga has now come up with and the FG has quickly put pen to paper on? Vulcan Capital Management is listed primarily as a "private equity investment firm" with offered products to include leveraged buyout, mergers and acquisition, Venture capital, Growth capital and Mezzanine capital.

Aganga (another crook in my opinion) and the FG's real intentions must be called into question with how they settled quickly and highly non-transparently on assets and funds managers, albeit with interest in oil and gas, as preferred partners when an established core Engineering firm with specific interest in building, running and maintaining refineries would be a far better fit. Remember we are talking about the 7th biggest producer of crude in the entire world and not some outpost African nation with a population of 1 million !!!!

Vulcan's traditional commitment and scope of operation (look below) saw them, by their own admission, always happy to invest $10-$300 million. How has Vulcan made the jump to dabbling in multi billion dollar schemes? Why the massive difference for them once Nigeria is involved? Is it "jackpot"? Would it have anything to do with planned future scams since this deal involves a very corrupt Nation that shuns transparent and very accomplished companies to deliberately seek out those with chequered histories?

Is it not obvious that Aganga, with a background in hedge fund management, may be operating according to a brief of finding a vehicle/partners he understands (same background) and can work with to facilitate the corruption and 419ning of Nigeria that the GEJ Government is now becoming famous for? A Private equity company when the search should be for a core engineering concern?

Does anyone seriously think Vulcan will get a look in , let alone be a preferred partner to Nigerian, if a public declaration of interest was the only method used to select the best and most capable , [b]on merit, to build refineries for the 7th largest producer of crude in the world? [/b]


http://www.vulcancapital.com/investments.html



http://en.wikipedia.org/wiki/Vulcan_Capital_Management

Here comes Gbawe with another truck load of drivel. If you pause to think for a moment I'm sure you'll realize that a refinery in the country would be a goldmine for any investor considering the fact that a nation with ready raw materials and of a hundred and fifty million people still has to import fuel from as far away as the UK. Just the transportation cost that would be eliminated is enough profit to keep any company afloat. What is even more ridiculous is your continued description of Vulcan as a "Private Equity" concern when you know absolutely noffin abt their biz. Why don't you google those behind the "supposed" vulcan group and see how little you actually b4 you start infecting folks around here with your naivety.

Gbawe and others have time sha, this is a trusted and tested method of siphoning money, the guys are just after their government's contribution, once they collect that that is the end of everything.

Someone should probably call VOA as well.

Make this Vulcan deal no slip under carpet.

Kobojunkie: No, I don't think Vulcan Petroleum Co is Vulcan Petroleum Resources. I called a couple of the numbers I found and was finally told they, Vulcan Petroleum Co. had no dealings with Nigeria.

My gut says Vulcan Capital Management may have a hand in it since it is the same Vulcan that screwed up in Sokoto but on it's wiki claims that it did the work. However, I have no proof since Vulcan Petroleum Resources is listed nowhere, and everytime I have called the number I found for Vulcan Capital Management, the voice on the answering machine says to leave a message for Amwell. I googled the office location and it is on East 52nd in NY, but only thing left is to get someone to visit and confirm if that one is real or not.

They do and to be honest, I have a very good idea why Aganga (every inch as crooked as he looks) chose them and pushed this through quickly. It is just sickening that Nigerian leaders can be this self-serving and wickedly greedy. The 40 laptop crew and blind GEJ sycophants should bury their head in shame.

For how important the oil and gas sector is we should, assuming we have the right leadership in place, be far above these non-transparent and clandestine acts of corruption, designed to create more filthy rich Oligarchs like Otedola, while Nigeria continues to suffer. These sort of feral behaviour is now dying out in even African Nations around us with how their leaders recognise that self-enrichment must be tempered with a spirit of nationalism . They , unlike their hardened Nigerian counterparts, have accepted it is dangerous ,in this day and age of media exposure and exchange,to keep using National wealth almost totally towards creating and subsidizing a stupendously wealthy elite class while the majority exist like animals.

An open and transparent tender exercise would have been best with how it will surely attract top players to deliver competitive excellence and value, given what Nigeria actually is, even with our challenges. We all know that is not what the PDP wants with their latest gatekeeper performing admirably to keep an Oligarchic class in control and thriving.


http://www.ventures-africa.com/2012/07/nigeria-vulcan-petroleum-sign-4-5bn-deal-for-new-refineries/

Nigeria, Vulcan Petroleum Sign $4.5bn Deal For New Refineries

Posted on July 3, 2012 08:33 am under Business, Energy, Strategies & Solutions
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VENTURES AFRICA – Six new refineries with a combined capacity of 180,000 barrel a day will be constructed in Nigeria, this was announced on Wednesday by government officials.

The refineries are to be constructed following the signing of a memorandum of understanding (MoU) by the Nigerian government with Vulcan Petroleum Resources for a N697.5 billion ($4.5 billion) project.

Under the agreement, two of the refineries will be ready for operations in twelve months while the rest will take additional eighteen months to be completed.

While declaring their readiness to commence work, representatives of Vulcan, an affiliate of New York-based private equity firm Vulcan Capital Corporation said:”Each modular refinery, when completed, will refine up to 30,000 barrels of crude oil per day and produce up to five million litres of petrol, diesel, kerosene and LPFO (liquid petroleum fuel oil).”

This will be a big boost to the nation’s daily oil production capacity which has been reduced by its refineries that are running at less than three-quarters of their total capacity of 445,000 barrels per day.

wesley80: Here comes Gbawe with another truck load of drivel. If you pause to think for a moment I'm sure you'll realize that a refinery in the country would be a goldmine for any investor considering the fact that a nation with ready raw materials and of a hundred and fifty million people still has to import fuel from as far away as the UK. Just the transportation cost that would be eliminated is enough profit to keep any company afloat.

If it is such a 'goldmine', how come established O&G companies with operations in Nigeria such as Shell, Exxon and others are NOT interested in building refineries in Nigeria? Ponder that for a few moments.

One more to ponder - how come the over 20 private refinery licensees are yet to take off despite this 'goldmine' status?

You do not appear sufficient understanding of the basic workings of the refined products/downstream sector of Nigeria's oil industry to be making such generalised comments.

Kobojunkie: I discussed this with someone here yesterday and was told there was probably a Nigerian behind all this.

I just got SaharaReporters phone number in NY. Probably will call them when I am wide-awake, to see if someone will go down there today to check.

Of course there's a Nigerian involved and he's come out to say so.

Edozie Njoku, chairman of the Nigerian partner, said Tuesday that all the funding for the project would come from outside the country. He said they opted for modular refineries because there are many local challenges to building a refinery from scratch. Each refinery will be built in the U.S., disassembled for shipping and reassembled in Nigeria, he said.

“Our job as the local partner is to make sure that the government does all we asked of them,” Njoku said, “that they approve all the permits, etc.” He said the U.S. partner company was a venture capitalist that would be bringing investors as well as technical know-how. The company could not immediately be reached for comment.

The government has shown a lot of will to make this happen, Njoku said. “They really want to start refineries in this country, they are committed to it.”

wesley80: Of course there's a Nigerian involved and he's come out to say so.

I really don't care for the useless information you keep offering here. I get it, you have nothing new to offer and that is find. I didn't ask you for the Nigerian in Nigeria who says he is affiliated with this company. jeeezzzz!!

wesley80: Here comes Gbawe with another truck load of drivel. If you pause to think for a moment I'm sure you'll realize that a refinery in the country would be a goldmine for any investor considering the fact that a nation with ready raw materials and of a hundred and fifty million people still has to import fuel from as far away as the UK. Just the transportation cost that would be eliminated is enough profit to keep any company afloat. What is even more ridiculous is your continued description of Vulcan as a "Private Equity" concern when you know absolutely noffin abt their biz. Why don't you google those behind the "supposed" vulcan group and see how little you actually b4 you start infecting folks around here with your naivety.

You are simply shameless. Is it not crystal clear you are the only one talking drivel here? Why are you so shameless and without a shred of uprightness? Here you have , beyond any doubt, been discredited totally for gross ignorance and a distinct lack of knowledge. Most would withdraw graciously. Yet you remain shameless enough to embrace your usual market-woman antics of personalising issues to try and deflect attention away from your mischief via attacking those who clearly are more informed than you are - and devoid of your mischief.

You should take your antics elsewhere. Everyone is becoming aware of it in all it's distasteful glory. The fact remains that a clandestine and incongruous partnership, rushed through without transparency, and excluding the best operators Nigeria would have no problems attracting, is not what the 7th largest producer of crude in the world, and its people, deserve. You don't possess gold worth millions many want to pay millions for only to insist you want to deal with those who operate in thousands. Nonsense.

debosky:

If it is such a 'goldmine', how come established O&G companies with operations in Nigeria such as Shell, Exxon and others are NOT interested in building refineries in Nigeria? Ponder that for a few moments.

One more to ponder - how come the over 20 private refinery licensees are yet to take off despite this 'goldmine' status?

You do not appear sufficient understanding of the basic workings of the refined products/downstream sector of Nigeria's oil industry to be making such generalised comments.

Don't mind him. He is only interested, even when thoroughly shamed for lack of basic knowledge, in vacuous arguments and market-women mischief.

debosky:

If it is such a 'goldmine', how come established O&G companies with operations in Nigeria such as Shell, Exxon and others are NOT interested in building refineries in Nigeria? Ponder that for a few moments.

Same reason that at one time Nigeria had only about 400,000 phone lines yet no reputable coy. was knocking to enter the Nigerian mkt. Most considered Nigeria a goldmine but only for adventurous investors - little has changed.

debosky:
One more to ponder - how come the over 20 private refinery licensees are yet to take off despite this 'goldmine' status?

Simply cos they are waiting for conditions to be Perfect. Total deregulation of the downstream sector, Unbundling of the NNPC to guarantee free and competitive mkt etc. Venture Capitalism isn't just a fancy name, theres a reason for the word "venture"

Debosky; I do not have sufficient understanding of the basic workings of the refined products/downstream sector of Nigeria's oil industry to be making such generalised comments.

FIXED

During yesterday's hearing at the house committee on Foreign Affairs, Johnnie Carson mentioned that the reason American owned companies were not rushing to set up refineries and gas pipelines is because currently they do not think them viable investments.

U.S Policy Toward Nigeria: West Africa's Troubled Titan
http://foreignaffairs.house.gov/hearings/view/?1453

The video of yesterday's hearing should be available, for those who missed it yesterday, by end of day today.

I'm not going to get into a lengthy exchange with you. When bland comparisons are made between telephony (in which there were smaller private operators existing) in a deregulated market and refinery development in a price-controlled environment, the individual's abysmal grasp of the fundamentals involved is made plain.

Throwing out words like 'adventurous' or 'venture' changes nothing - your comments still indicate an underlying lack of understanding of how the oil industry works.

Kobojunkie:

During yesterday's hearing at the house committee on Foreign Affairs, Johnnie Carson mentioned that the reason American owned companies were not rushing to set up refineries and gas pipelines is because currently they do not think them viable investments.

No way!! So they aren't a goldmine as welsey keeps harping on like a parrot?

Say it ain't so!

Kobojunkie:

During yesterday's hearing at the house committee on Foreign Affairs, Johnnie Carson mentioned that the reason American owned companies were not rushing to set up refineries and gas pipelines is because currently they do not think them viable investments.

U.S Policy Toward Nigeria: West Africa's Troubled Titan
http://foreignaffairs.house.gov/hearings/view/?1453

The video of yesterday's hearing should be available, for those who missed it yesterday, by end of day today.

You bet! I'm sure its no more viable than Nigerian GSM license was to AT&T in 2001 is it? And the solution? Continue importing till your mkt becomes viable! Great speech genius. To think you actually believe this, SMH.

We all know that this so-called license/MOU/plan is the FG blowing HOT AIR and seeking a new route to transfer Nigerian funds to private bank accounts

Wesley80 knows this very well and is standing by his claim simply to WIN this argument which fortunately, he is gallantly losing. When we see a genuine capital investment, there won't be two page argument wondering if it is real.

'Vulcan f**kever' is not a genuine investor shikena! The fraudsters can't even get a bloody identity; cowering behind Paul Allen's company name to decieve unsuspecting people and attract fraudulent bedfellows like themselves.

debosky: I'm not going to get into a lengthy exchange with you. When bland comparisons are made between telephony (in which there were smaller private operators existing) in a deregulated market and refinery development in a price-controlled environment, the individual's abysmal grasp of the fundamentals involved is made plain.

Throwing out words like 'adventurous' or 'venture' changes nothing - your comments still indicate an underlying lack of understanding of how the oil industry works.

You CANNOT get into any lengthy argument with me cos you don't know jackshit abt the workings of Nigeria's downstream petroleum sector or what translates to "viability" for an investor in that sector.

debosky: I'm not going to get into a lengthy exchange with you. When bland comparisons are made between telephony (in which there were smaller private operators existing) in a deregulated market and refinery development in a price-controlled environment, the individual's abysmal grasp of the fundamentals involved is made plain.

Throwing out words like 'adventurous' or 'venture' changes nothing - your comments still indicate an underlying lack of understanding of how the oil industry works.

You CANNOT get into any lengthy argument with me cos you don't know jackshit abt the workings of Nigeria's downstream petroleum sector or what translates to "viability" for an investor in that sector. I hate to do you this favour but do you really believe that all that translates to profit and viabilty is our local mkt? Did you even stop to think before posturing? Did you consider this;

Alternatively, if the terms of the M.O.U. allowed for total export of their refined products, subsidy would be inapplicable, as the owners of the refineries would be free to export their output at more profitable international benchmark prices. Although such a scenario may be perfect for investors, it may not resolve our challenges of constant fuel availability, if subsidy remains in petrol pricing structure.

Opportunities abound I tell you, the problem is people like you are either to proud to look beyond your noses or too daft to recognize them.

Anyone answering/responding to kobo... I pity the fo.ol

ow11:
'Vulcan f**kever' is not a genuine investor shikena! The fraudsters can't even get a bloody identity; cowering behind Paul Allen's company name to decieve unsuspecting people and attract fraudulent bedfellows like themselves.

No they arent. I admit I got it muddled up initially no thanks to the goading of you-know-who but those behind this venture are quite clear. Forget the name controversy for a sec and focus on the individuals involved. We know of Jim Mansfield an associate of both Mr Ford and Kevin Davies and their country rep in Ngr and he stood in during the ceremonies. Mr Ford and Mr Davies are respected members of the Vulcan group with interests across the world and unless any of you can prove that neither of these men or their Group has anything to do with this deal, I see no reason to be overly suspicious of the deal.

ow11:
'Vulcan f**kever' is not a genuine investor shikena! The fraudsters can't even get a bloody identity; cowering behind Paul Allen's company name to decieve unsuspecting people and attract fraudulent bedfellows like themselves.

That is the part that irks! That has been the confusion in the past, but why isn't anyone in government investigating these firms that show up at the door claiming they are up to signing million/billion dollar deals.

For pete's sake this may be the same company that essentially bilked the Sokoto Government of millions. So why again?

Again, if you refrained from copying and pasting things from the net without taking time to understand the context then you wouldn't keep showing up your lack of understanding.

Your initial assertion was talking about providing refined products to replace imports in the local market, because 'profit from 150m consumers will keep 'ANY' company in business' now you've switched to exports? Did Vulcan indicate they were aiming to export?

This is what was said:

“We have to look at where the crude pipelines are. We need to plant them so that everyone is favoured, but in the north the pipelines only go to Kaduna (in central Nigeria),” “The refineries already in Nigeria are on their last legs. They will cost the country millions to turn around. Nigeria needs new refineries,”

Now I ask you - are those comments showing an intent to build export oriented refineries all over Nigeria(in Kaduna for example) or for local consumption?

Any tool can come on nairaland and talk about 'opportunities' and 'venture capital' after reading something off wiki. What wiki can't teach you is how to relate what you've read to the specific situation being discussed.

Folks, please stop feeding the GEJ trolls.

The Vulcan deal is an obvious scam hence Aganga/Abati deploying trolls and shills online to distract and sow FUD.

debosky: Again, if you refrained from copying and pasting things from the net without taking time to understand the context then you wouldn't keep showing up your lack of understanding.

Your initial assertion was talking about providing refined products to replace imports in the local market, because 'profit from 150m consumers will keep 'ANY' company in business' now you've switched to exports? Did Vulcan indicate they were aiming to export?

This is what was said:

“We have to look at where the crude pipelines are. We need to plant them so that everyone is favoured, but in the north the pipelines only go to Kaduna (in central Nigeria),” “The refineries already in Nigeria are on their last legs. They will cost the country millions to turn around. Nigeria needs new refineries,”

Now I ask you - are those comments showing an intent to build export oriented refineries all over Nigeria(in Kaduna for example) or for local consumption?

Any tool can come on nairaland and talk about 'opportunities' and 'venture capital' after reading something off wiki. What wiki can't teach you is how to relate what you've read to the specific situation being discussed.

Your rants are nothing but futile attempts to appear objective while being spurred on by pure mischief. You keep leaning on inanities while completely ignoring the core issues which you claim to be a master in. I touched on the possibility of refining crude for export only after you made it look like any entry into the downstream sector was a guaranteed one way ticket to marketing products locally in a regulated mkt, my reference was merely to highlight other opportunities in the sector. Funny it is on this that you've chosen to base your entire sardonic rant on, one wldav thot you'lld use this opportunity to enlighten us on the futility of a private enterprise building a refinery in a country nearly completely dependent on imports for her petroleum needs. But of course this is just about bad-mouthing the man at the centre and not necessarily borne out of any genuine concern.

During yesterday's hearing at the house committee on Foreign Affairs, Johnnie Carson mentioned that the reason American owned companies were not rushing to set up refineries and gas pipelines is because currently they do not think them viable investments.

U.S Policy Toward Nigeria: West Africa's Troubled Titan
http://foreignaffairs.house.gov/hearings/view/?1453

The video of yesterday's hearing should be available, for those who missed it yesterday, by end of day today.

g

So wikipedia says this Vulcan group has completed 35 transactions of up to $800 million in the 15 years the company has been operating (since 1997). Now all of a sudden, out of the blues the FG signs a $4.5 billion deal with these folks!

You just can't make this stuff up, can you?

PLease someone should tell that wesley80 clown that contrary to what the laptop wielding GEJ apologists will tell you, refineries are most often a low profit margin business that many reputable oil companies are fleeing from. Anyone who says building a refinery in Nigeria is a 'goldmine' is in urgent need of psychiatric evaluation. There's a reason why the likes of Shell, Total, Mobil, Chevron et al will not touch refineries with a 10 foot pole.

Kobojunkie:

During yesterday's hearing at the house committee on Foreign Affairs, Johnnie Carson mentioned that the reason American owned companies were not rushing to set up refineries and [b]gas pipeline[/b]s is because currently they do not think them viable investments.

U.S Policy Toward Nigeria: West Africa's Troubled Titan
http://foreignaffairs.house.gov/hearings/view/?1453

The video of yesterday's hearing should be available, for those who missed it yesterday, by end of day today.

with all the shale gas in the us, gas in nigeria is dead

texazzpete:
PLease someone should tell that wesley80 clown that contrary to what the laptop wielding GEJ apologists will tell you, refineries are most often a low profit margin business that many reputable oil companies are fleeing from. Anyone who says building a refinery in Nigeria is a 'goldmine' is in urgent need of psychiatric evaluation. There's a reason why the likes of Shell, Total, Mobil, Chevron et al will not touch refineries with a 10 foot pole.

Safe to assume the 20 or so companies that scrambled for refining licences in anticipation of total deregulation of the downstream sector did so cos somewhere in Texazzpete's grandma thot me logic, they all desire lesser profit. Come to think of it, Shell, Total, Mobil et al are involved in numerous biz lines in Ngr just like they are in other countries aroun the world cos of the super profit they make. Not so, genius?