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Nairaland Forum / Nairaland / General / Politics / Nigeria needs $500m to fix refineries----VANGUARD (835 Views)
18 States That Will Benefit From $500m World Bank Projects / FG Yet To Fix Refineries, 14 Months After / Nigeria Needs $500m To Repair Refineries – NNPC.. As All Refineries Remain Shut. (2) (3) (4)
Nigeria needs $500m to fix refineries----VANGUARD by Nobody: 6:39am On Mar 11, 2016 |
ABUJA - MINISTER of State for Petroleum and Group Managing Director of Nigeria National Petroleum Corporation, NNPC, Dr. Emmanuel Ibe Kachikwu yesterday said that the four refineries in the country will require between $300 million to $500 million to function effectively. The minister disclosed this during an interactive meeting with the joint House of Representatives Committee on Gas Resources, Petroleum (Downstream and Upstream) and Local Content chaired by Rep Victor Nwokolo over the controversy on the recent unbundling of NNPC to 30 companies. He acknowledged the communication gap between his office and the National Assembly on the issue of unbundling of the NNPC, adding that the concerns expressed by members were legitimate. Kachukwu said that the "unbundling was used to qualify the sub-sects" otherwise called 'Divisions', and not companies as would have been applicable to the actual unbundling of the Corporation as stipulated in the PIB. He assured that the restructuring of NNPC will help in achieving 16 to 18 month self-sufficiency of supply of Petroleum products as well as the establishment of the modular type refineries by investors as contained in the recent advert placed by the Corporation. He noted that when the 650,000 refinery planned by Dangote Group comes on-stream by 2020, it would boost domestic refining capacity, adding that the policy was to drive the oil marketers to invest in the industry going forward. The Minister explained that 17 subsidiaries of NNPC had been identified and that additional four were created, adding that the administrative restructuring would help in generating more jobs, profitability and efficiency of various sub-sects of the Corporation, including gas and power, property, pipeline and refineries, among others. Kachukwu noted that 70 per cent of the N350 billion loss incurred by the Corporation came from PPMC, adding that plans are underway to adopt Public Private Partnership (PPP) in the bid to boost the viability of the NNPC subsidiaries Inc!using shipping company, medical centres. According to him, the Corporation was on the verge of finalising arrangement with an American company to maintain the NNPC medical centres adding that the negotiation has reached advance stage with the World largest shipping company, to drive the NNPC shipping company established over the past eight years without owing a vessel. He assured that the Corporation has no plan to disengage the 10,000 workers on its payroll but added that the administrative restructuring will help to put the 3,000 redundant staff in the competency venture. The lawmakers and the Minister resolved to work harmoniously towards the timely passage of the Petroleum Industry Bill (PIB). www.vanguardngr.com/2016/03/nigeria-needs-500m-to-fix-refineries-kachuikwu/ |
Re: Nigeria needs $500m to fix refineries----VANGUARD by ogaontop(m): 7:10am On Mar 11, 2016 |
M |
Re: Nigeria needs $500m to fix refineries----VANGUARD by Johnrake69: 7:10am On Mar 11, 2016 |
. |
Re: Nigeria needs $500m to fix refineries----VANGUARD by ojun50(m): 7:15am On Mar 11, 2016 |
Make them leave d refineries |
Re: Nigeria needs $500m to fix refineries----VANGUARD by SleekMallam: 7:21am On Mar 11, 2016 |
After the billions spent on turnaround maintenance? |
Re: Nigeria needs $500m to fix refineries----VANGUARD by Phame: 7:23am On Mar 11, 2016 |
Kachikwu is brilliant! |
Re: Nigeria needs $500m to fix refineries----VANGUARD by ratiken(m): 7:54am On Mar 11, 2016 |
That is another $500million budget of yams to be looted by Kachikwu and his cohorts. Nigerian government should have nothing to do with stuffs as technical as crude refining. FG has failed in running every know govt outfit ranging from Nigerian Airways, Nigerian Railways, NITEL, NEPA, NIPOST to even simple National stadiums. They will only continue to steal these funds and Kachikwu is only trying to cut his own cake cos its clear to the deaf that those refineries cannot work to meet our capacity. In the Oil and Gas upstream, FG entered a JV partnership with the Shells, Mobil, Chevron, Total, Agip etc ...... why cant they enter same JV partnership in the downstream sector (refineries)? They can own majority shares in the partnership (like 60%) while the partner operates the organizations just like the upstream. There are private outfits whose core business is refining, lets get them involved. We should stop fooling ourselves, govt has no direct business in the refining business 1 Like 2 Shares |
Re: Nigeria needs $500m to fix refineries----VANGUARD by Nobody: 8:07am On Mar 11, 2016 |
What is wrong with these BASTARDS? How much will build a new refinery? SAI Fuuckari!!! |
Re: Nigeria needs $500m to fix refineries----VANGUARD by ratiken(m): 8:09am On Mar 11, 2016 |
Phame: His brilliance has not helped thus far. The Energy sector is in utter mess under him. He played his cards too early and the unions have cornered him. Incase you don't know, three of the seven DGs of the new NNPC outfits are his friends from Mobil. As usual, they would bamboozle the illiterate masses and carte away all the money. |
Re: Nigeria needs $500m to fix refineries----VANGUARD by ratiken(m): 8:13am On Mar 11, 2016 |
PUSIDRILA: Nigerian govt should have no business building new refineries or fixing the old ones. They have failed in all similar ventures. They should simply get into partnership with outfits to whom refining is core business. 1 Like |
Re: Nigeria needs $500m to fix refineries----VANGUARD by Phame: 8:42am On Mar 11, 2016 |
ratiken:are you sure of all this? If they are his friends, then good. They should be able to take nnpc to d level where exxonmobil is. 1 Like |
Re: Nigeria needs $500m to fix refineries----VANGUARD by Sunky200: 8:46am On Mar 11, 2016 |
300 to 500mUSD? oh my that is much well i hope the fg will cease from its corrective maintenance habit to preventive maintenance to avoid unnecessary spendings in the near future |
Re: Nigeria needs $500m to fix refineries----VANGUARD by ratiken(m): 8:53am On Mar 11, 2016 |
Phame:You don't get it. NNPC is now in the hands of few friends who are more Nigerian than you ... forget the oratory. |
Re: Nigeria needs $500m to fix refineries----VANGUARD by oluseyiforjesus(m): 9:13am On Mar 11, 2016 |
Simple collect Abacha Loot and use it, don't touch GEJ loot now we will need it in Future |
Re: Nigeria needs $500m to fix refineries----VANGUARD by AZeD1(m): 9:27am On Mar 11, 2016 |
ratiken:If you have been paying attention, you would know that Kachikwu doesn't want the government to run the refineries. Even this statement says he wants the individual units of the restructured NNPC to be run profitable. You need to go back and read his take on the refineries. |
Re: Nigeria needs $500m to fix refineries----VANGUARD by Vicadonis(m): 9:38am On Mar 11, 2016 |
This oil na curse. E don't finish Nigeria money |
Re: Nigeria needs $500m to fix refineries----VANGUARD by ratiken(m): 9:43am On Mar 11, 2016 |
AZeD1: No you need to go back and read. The individual units post restructuring are still government outfits under the ministry of petroleum. I am clearly saying that they should not be allowed to run/ operate the refineries. The private sector should not be allowed to operate alone. JV partnership as practiced is the upstream needs to be transferred to the downstream sector .... and let outfits with refining as core business operate the refineries while the govts holds the majority share. |
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