The nation’s refineries suffered huge losses in the first four years of President Muhammadu Buhari’s administration as they were left in a state of disrepair, ’FEMI ASU writes

[img]https://images./4Kwysv14ibGnzLPZ5Xd7ei.jpg[/img]

Federal Government-owned refineries, located in Port Harcourt, Kaduna and Warri, lost over N231bn in the last four years as the proposed rehabilitation of the plants suffered a setback.

The Port Harcourt Refining Company has two refineries, while the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company have one each.

The refineries lost N34.57bn from June to December 2015; N8.64bn in 2016 (data for January to August showed); N47.19bn in 2017, and N132.51bn in 2018, according to the Nigerian National Petroleum Corporation.

When President Muhammadu Buhari assumed office on May 29, 2015, all the refineries were not processing crude oil, with Port Harcourt refinery sitting idle since January of that year while Warri and Kaduna stopped refining in February of the same year, according to available data from the NNPC.

In 2015, Port Harcourt, Kaduna and Warri refineries were idle for eight months, seven months and nine months, respectively, losing N10.05bn, N36.03bn and N21.39bn.

Warri refinery was idle for five months in 2016; KRPC did not refine crude for six months, and PHRC was only idle in September.

In 2017, Kaduna, Warri and Port Harcourt refineries were idle for six, five and two months, respectively, losing N32.61bn, N22.14bn and N11.51bn.

Kaduna refinery did not process crude oil for 11 months in 2018, while Port Harcourt and Warri were idle for seven and three months respectively, losing N31bn, N59.96bn and N41.71bn.

According to the latest data from the NNPC, Kaduna and Port Harcourt refineries remained idle in January this year.

The refineries have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity for many years.

The NNPC had planned to rehabilitate the refineries in order to attain a minimum of 90 per cent capacity utilisation, using third-party financiers and the original refinery builders to provide the requisite funding and technical support.

The corporation, its transaction advisers and an inter-ministerial team on refineries rehabilitation, were said to have reviewed expressions of interest from 28 potential financiers.

But after over one and half years, the negotiations with financiers stalled in December 2018 due to varying positions on key commercial terms.


The NNPC said it had abandoned the strategy of seeking offshore funding due to ‘onerous conditions’ demanded by the proposed financiers.

It said it had to resort to immediate direct funding from internal cash flows and debt financing from the financial markets for the rehabilitation project.

On March 21, 2019, the corporation announced the commencement of the first phase of the rehabilitation of the 210,000 bpd capacity Port Harcourt Refinery complex, comprising the 60,000 bpd old refinery built in 1965 and the 150,000bpd new refinery inaugurated in 1989.

It said the project would be executed by Milan-based Maire Tecnimont S.p.A, in collaboration with its Nigerian affiliate, Tecnimont Nigeria.

The Group Managing Director, NNPC, Dr Maikanti Baru, was quoted as saying that at the end of phase 1, the refinery complex should be able to reach 60 per cent capacity utilisation.

The national oil firm said the first phase of the rehabilitation contract, which would run for six months, would involve detailed integrity check and equipment inspection of the Port Harcourt refinery complex beginning from the end of March 2019.

https://punchng.com/refineries-lose-n231bn-under-buhari-amid-delayed-repairs/amp/

FAKE NEWS
FIGMENT OF IMAGINATION
UNSUBSTANTIATABLE FACT
HATER SPOTTED

The much awaited Next Level.

But those refineries never worked since the days of OBJ..... Or you expect them to work now?

I expect a man who budgeted billions to make them work to fulfill his promises.

Jmk9292:
But those refineries never worked since the days of OBJ..... Or you expect them to work now?

TheLogicalMind:

I expect a man who budgeted billions to make them work to fulfill his promises.

We have always expected good things from our leaders..... But unfortunately we have got the worst leaders... No be Ibe kachukwu tell us say we no go import fuel again? When we never produce toothpicks

ALMUSTAQIM:
FAKE NEWS

FIGMENT OF IMAGINATION

UNSUBSTANTIATABLE FACT

HATER SPOTTED

keep fooling yourself

After the spurious Turn Around Maintenance(TAM) budgeted for these moribund refineries? Everything under Buhari is a curse.Guess the eyes of the sai baba zombie are getting clearer? Nigeria can never progress under this useless man.

After all the one-year one-refinery scam promise.Where is that fool called Prof.David Tam-West that sold the scam of Buhari revolutionizing the petroleum sector Next level economic downturn.

Na wa

Ibe Kachikwu is an epitome of incompetence. The petroleum ministry should be probed period.

Next level yeye

IT IS WELL WITH NIGERIA

No be today something...




I build websites and I am based in Abuja, see my signature

fmlala:
IT IS WELL WITH NIGERIA

Stop deceiving yourself

[s]

ALMUSTAQIM:
FAKE NEWS

FIGMENT OF IMAGINATION

UNSUBSTANTIATABLE FACT

HATER SPOTTED

[/s]
Stop supporting bad things just because Buhari is a Muslim
Buhari is the worst president since mankind

Lose how. What kind of mushroom reporting is this. Money was not spent on them. So how dem lose

Baru should better have receipt for the so-called $5billion he said NNPC has spent so far in looking for oil in the North.

Cos I see him going to jail soon.

TheLogicalMind:

I expect a man who budgeted billions to make them work to fulfill his promises.

so why havent they been working since obj

FRESH LIES EVERYDAY IN 9JA.

Those things called refineries are just tacti method of sending unquantifiable and high amount of crude to North through pipelines.


Don't ask me how, I was once there.

Correct heading


Buharis friend s made 200b


Using refineries as excuse

He promised to revive refineries in 2015. How many has he revived now?

I said in 2015 that I won't say anything against Pmb until I have watched his work after four years.Four years are enough to create an opinion about something. I am bold to conclude now that like his predecessors the pdp,he is a total failure. We need new set of leaders in the country.

ALMUSTAQIM:
FAKE NEWS

FIGMENT OF IMAGINATION

UNSUBSTANTIATABLE FACT

HATER SPOTTED

APC miscreants

You want a dictator that will transform the country.

Well, sorry you got it all wrong.

You have a dictator alright.

But what you got was the dull, corrupt and nepotistic type.

He will gag you while you starve and whither away.

Don't fool yourself that you will ever go near the way of China and Rwanda.

At this rate, even Mobutu Seseseko's Zaire will be like paradise.

Ndi uchu!

Its well with Nigeria

Will there come a time when they will Level up with other Oil Producing Nations or step up.

Anyways STEP UP with PERFORMAX

ijeybest8@gmail.com

APPLAUSE!