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Nairaland Forum / Nairaland / General / Politics / FG May Sell Warri, Kaduna Refineries (1344 Views)
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FG May Sell Warri, Kaduna Refineries by sarrki(m): 5:13am On Jul 30, 2017 |
There are indications that the Federal Government will sell two of its three crude oil refineries that are found to have become commercially unviable as part of measures to boost the nation’s refining sector. The two refineries likely to be sold, according to a report of the Nigerian National Petroleum Corporation obtained by our correspondent on Friday, are the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company The NNPC said last week that the consolidated capacity utilisation of the three government-owned refineries dropped to 23.09 per cent in May, from 24.59 per cent in April. The third refinery being managed by the NNPC is the Port Harcourt Refining Company. Although the Ministry of Petroleum Resources, in the new National Petroleum Policy approved by the Federal Executive Council, said the government aimed to make the refineries successful and commercially viable enterprises, it stressed that government was ready to sell any of them that failed to meet respond promptly. It said, “They will be encouraged to become so and will be supported as much as it is within the government’s ability to do so. Each refinery will be given a transition period in which to set themselves up on their own feet. “Ultimately though, if a refinery fails to make the transition and become commercially viable, the petroleum policy is for the government to divest (sell off), grant a concession or if necessary, close down any non-performing government-owned refinery. In either instance, the site may be handed over to a suitably qualified private sector developer to build a new refinery facility on the same site.” According to the policy document, of the three NNPC refineries, Port Harcourt is expected to be the best place to succeed. It said, “It has installed its own independent gas-fired power supply; it has undertaken its own turnaround maintenance; it is close to jetties and the pipeline length from crude oil suppliers is short (less of a pipeline security risk), and it is operationally ready to produce refined products to international standards, although the cost structure is still not right. “Of the three, Kaduna is perhaps the least ready currently because of its distance from crude oil supplies and reliance on a poorly maintained crude oil pipeline.” The government described a strong refining sector as a basic requirement for the achievement of the vision of converting the nation’s economy from a crude oil export to an oil product and derivative value-added economy. It said without strong, high volume and commercially viable refineries within the country, the whole vision would not be achievable. The government noted that the refineries had been underperforming for many years, stressing the need for the refining sector to undergo fundamental reform so that it could play its central part in economic development. According to the policy document, steps that the government will take to encourage the development of a viable refining sector in the country include making the NNPC refineries become autonomous profit centres and returning storage depot assets to the refineries. It said under the restructuring of the NNPC, the refineries would be set up as independent profit centres with responsibility for their own commercial operations. The government noted that the storage depots were originally part of the refineries but had been subsequently transferred from the refineries to Pipeline and Product Marketing Company. It said, “This arrangement is not considered to have been successful. The PPMC has failed to manage the depots effectively and the refineries have been denied an important part of their assets. The storage depots will, therefore, be returned to the refineries. “In addition, the perimeter fence around the refineries will be set sufficiently far from the operations including depots to ensure that proper security can be maintained. Everything inside the perimeter fence will belong to the refinery solely and will be on each refinery’s asset register.” The government said as part of their new independence, each of the refineries would be given commercial autonomy, meaning that they would be free to take crude oil from wherever they could get it. http://punchng.com/fg-may-sell-warri-kaduna-refineries/ |
Re: FG May Sell Warri, Kaduna Refineries by nextprince: 5:14am On Jul 30, 2017 |
Very good initiative. Some of these govt-owned parastatals need to be privately managed for better efficiency. A situation where a condition for productivity of staff members is determined by some kick backs rather than improved remuneration is not acceptable. Let private hands handle those parastatals where profit-oriented owners will closely monitor their businesses, at least, no idiot will accuse them of marginalisation on their workforce. 1 Like |
Re: FG May Sell Warri, Kaduna Refineries by BornnAgainChild(f): 5:18am On Jul 30, 2017 |
Nigeeriaah jagajaga...everything scatter scatter... (in eedris abdukareems voice) |
Re: FG May Sell Warri, Kaduna Refineries by sarrki(m): 5:21am On Jul 30, 2017 |
Then why expended all those money on it We should have sale it outrightly from the time of accessment Why allow some party chieftain makes some dough on TAM and consultancy ? 1 Like |
Re: FG May Sell Warri, Kaduna Refineries by hucienda: 5:26am On Jul 30, 2017 |
sarrki: In this moment, you are thinking logically devoid obvious partisan sentiments. 2 Likes |
Re: FG May Sell Warri, Kaduna Refineries by roadsta(m): 5:27am On Jul 30, 2017 |
good. |
Re: FG May Sell Warri, Kaduna Refineries by sarrki(m): 5:33am On Jul 30, 2017 |
hucienda: Baba I am a patriot I love pmb no doubt Its a personal thing For looters I don't care about them be either the party ,religious affiliation or tribe 2 Likes |
Re: FG May Sell Warri, Kaduna Refineries by sarrki(m): 5:34am On Jul 30, 2017 |
Re: FG May Sell Warri, Kaduna Refineries by moderatedguy: 5:35am On Jul 30, 2017 |
Nupeng / Pengassan Strike loading 1 Like 1 Share |
Re: FG May Sell Warri, Kaduna Refineries by YourImaginaryBF: 5:42am On Jul 30, 2017 |
moderatedguy:strike over refineries that are not functional. Nigerians are already buying pms at 145, it can't get any worse than it already is 1 Like 1 Share |
Re: FG May Sell Warri, Kaduna Refineries by ukeme200(m): 5:44am On Jul 30, 2017 |
Nigeria is a zoo. Lemme come n be going mbok |
Re: FG May Sell Warri, Kaduna Refineries by nzeobi(m): 6:12am On Jul 30, 2017 |
Nigeria must sell those refineries to those with the right expertise to manage it cos its management has been a conduit pipe for looting. |
Re: FG May Sell Warri, Kaduna Refineries by nzeobi(m): 6:14am On Jul 30, 2017 |
sarrki:in business you have to put your commodity in good condition to get a better bargain in the market, if its not functional then its a scrap. 1 Like 1 Share |
Re: FG May Sell Warri, Kaduna Refineries by Bari22: 6:19am On Jul 30, 2017 |
. |
Re: FG May Sell Warri, Kaduna Refineries by adextetoo(m): 6:41am On Jul 30, 2017 |
Kokanye!!!, how can a reasonable government build refinery in the north that has been cursed from having oil field ehn? Sell those scrap sites biko. |
Re: FG May Sell Warri, Kaduna Refineries by Nobody: 6:49am On Jul 30, 2017 |
if they like |
Re: FG May Sell Warri, Kaduna Refineries by Nobody: 6:55am On Jul 30, 2017 |
Who refineries epp |
Re: FG May Sell Warri, Kaduna Refineries by Boleyndynasty2(f): 6:58am On Jul 30, 2017 |
After spending billions on them now they finally decided to sell out ![]() |
Re: FG May Sell Warri, Kaduna Refineries by Nobody: 7:23am On Jul 30, 2017 |
![]() This is serious. |
Re: FG May Sell Warri, Kaduna Refineries by Sunky200: 7:24am On Jul 30, 2017 |
just like phcn, having spent billions on power, government still paid them billions as bail-out. now it is refineries, after spending billions to ensure they were functioning in-line with buhari campaign promises, now they want it sold. just watch out for the company that will eventually acquire the refineries from the government. abokis are likely positioning themselves incase of eventuall disintegration of the nation |
Re: FG May Sell Warri, Kaduna Refineries by omowolewa: 7:27am On Jul 30, 2017 |
Sell everything and Tax everything. Lazy managers. The best would have been to sell 49% of its share to the public and 51% to core investors. 1 Like 1 Share |
Re: FG May Sell Warri, Kaduna Refineries by chinoxstock: 7:29am On Jul 30, 2017 |
hucienda: The nigga is suffering from identity disorder. It's a very rare condition. |
Re: FG May Sell Warri, Kaduna Refineries by chinoxstock: 7:31am On Jul 30, 2017 |
YourImaginaryBF: It can...and it would. |
Re: FG May Sell Warri, Kaduna Refineries by aolawale025: 7:33am On Jul 30, 2017 |
OBJ sold them in 2007. Yar Adua reversed it. Outright sale or concession is the way to go. 2 Likes 1 Share |
Re: FG May Sell Warri, Kaduna Refineries by BabaRamota1980: 7:37am On Jul 30, 2017 |
Yorubas are on standby to buy them. |
Re: FG May Sell Warri, Kaduna Refineries by Sall(m): 7:49am On Jul 30, 2017 |
ukeme200: If Nigeria is a zoo then you must be an animal living in the zoo. Not until you have your Biafra you remain an animal. 1 Like 1 Share |
Re: FG May Sell Warri, Kaduna Refineries by omohayek: 8:33am On Jul 30, 2017 |
Rubbish, I'll believe this when it actually happens! Nigerian governments love to talk up things like this without following up with concrete actions. They should have sold these obsolete money-sinks years ago, instead of throwing ever greater sums of money down the drain in the name of a bogus "turn around maintenance" which was just another cover for looting. Sell the useless things for scrap if need be, and completely deregulate the sector, and within 2 years most Nigerians will have even forgotten these old pieces of junk called government refineries ever existed. If people can make money running illegal refineries in the creeks now, imagine how much more profitably the business could be run if legalized. 2 Likes 1 Share |
Re: FG May Sell Warri, Kaduna Refineries by SweetJoystick(m): 8:42am On Jul 30, 2017 |
Them wan sell before disintegration abi? |
Re: FG May Sell Warri, Kaduna Refineries by GMBuhari: 9:50am On Jul 30, 2017 |
this one sweet me |
Re: FG May Sell Warri, Kaduna Refineries by GMBuhari: 9:52am On Jul 30, 2017 |
Sunky200: BabaRamota1980: Excuse me , are you all paupers in Igbo land ? Why don't you ask Tompolo , Asari Dokubo and your other mouthy warriors including THE THIEVES like denziani to purchase them ? must you blame the north and south west for your woes ?? Is Drug business and oil bunkering not bringing profits anymore ? |
Re: FG May Sell Warri, Kaduna Refineries by GMBuhari: 9:54am On Jul 30, 2017 |
Re: FG May Sell Warri, Kaduna Refineries by Bizibi(m): 11:01am On Jul 30, 2017 |
May or will sell.....alot of rams in this admin. |
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