The Group Managing Director of NNPC, Ibe Kachiukwu says there are plans by the oil corporation to sell off refineries that do not meet up the deadline for their rehabilitation. Kachiuwku made the disclosure while speaking to newsmen in Lagos recently
"By the end of December when the 90-day ultimatum will expire, any refinery that does not work optimally will be sold. I am determined to make a difference during my tenure. We are losing N2.2 trillion monthly to refinery inefficiency. As at today, the average refining performance is 30 per cent.
If by December, the refineries don’t work, I will export crude allocation and import refined petroleum products until we fix the refineries. Right now, the Port Harcourt refinery is showing signs that it will meet the December deadline. However, I am not saying Warri and Kaduna refineries will not meet the deadline, but I hope they all make it, so that we can continue to utilise our crude allocation to boost domestic refining.’’he said
Hmm
ReplyDelete~D great anonymous!
I think it is much needed at this dufficult time in the nation
DeleteGlowyshoe blog
Okay
DeleteVery good. It's high time we start holding people accountable when dey fail to perform their duties. Linda take note!
DeleteBiko when they do not meet expectations he should let us know and sell them off. Enough of all dis bottle neck's.
DeleteBiko when they do not meet expectations he should let us know and sell them off. Enough of all dis bottle neck's.
DeleteOk
ReplyDeleteBiko when they do not meet expectations he should let us know and sell them off. Enough of all dis bottle neck's.
DeleteRefineries sold to APC cronies at knock off prices?
DeleteWay to go, no time for mediocrity.
ReplyDelete~BONARIO~says so via NOKIA LUMIA
Ode, I thought they said they will start working in August, When the past administration said they will be ready next year y'll were shouting. Everything is propaganda for y'll. There are serious engineering issue with those refineries that can't be rushed. They can never be at a 100% again.
DeleteBiko when they do not meet expectations he should let us know and sell them off. Enough of all dis bottle neck's.
DeleteAll these refineries are part of our heritage. There's no need to sell anyone even if they didn't meet the December next year. Do not turn us to tenants by selling off our properties. Do not put the control of the life of Nigerians in the hands of the wicked capitalist who do not mind to drain our blood to amass wealth.
ReplyDeleteWhatever those you want to sell it to will do to make it, govt is more capable to do it. Do it & make it work.
If any of those refineries is sold, I will loose trust in this govt. Selling refineries was not your promise.
Capitalism works better dn govt control. Theres too much corruption and no accountability wt d government. I worked in NNPC for a while and d refineries are a disaster. OBJ sold eleme petrochemicals, another subsidiary of nnpc, to indorama (indians) & wtin a yr the rundown plant dt was always breakin down was producing at full capacity, selling chemicals at rapid rates & started turning profits. They were even generating their own electricity wt their byproducts & selling power to phrc (port hacourt refinery).
DeleteIn case u dont know how d refinery works right now, all 3 refining companies get fixed allocations of crude oil from NNPC monthly. The allocation used to be equal & fixed but now is based on capacity utilization since some produce at only 30%, some days 40%, sometimes shut down for months. These refineries are subsidiaries & their books are always in d red. Theyve bn making losses for years. You have asset heavy companies wt loads of equipments depreciated, thousands of staff wt fat salaries, billions expensed/capitalized on maintenance & little product volumes being pumped out for YEARS!!! Its ridiculous. Only a private company actually CARES abt profit (not d govt) & they will sack anybody & spend money wisely in order to get results. They know if they dont make profit they will die. U dont spend all dt money buying a refinery, knowing d potential & not work hard to make it work.
And nobody is stealing ur money. Refining is contract based, u give a qty of crude oil to a refining company, charges are agreed, product qties are calculated & agreed. The govt is d customer, he can decide to go to whoever gives d best price for their services. There is competition in d system. We do this EVERYDAY ALREADY. Only dt we take d crude abroad (wt billions in shipping), refine & bring bk products (wt billions in shipping) bcos d govt is underperforming in a business it has no BUSINESS being in. We shldnt even call it a business at this point, d refineries are a charity sinkhole just eating up billions for nothing. Dt money wld have rehabilitated d crude producing communities.Its really a big joke d waste has lasted this long.
-Bisola
Thought those refineries are all working already?
ReplyDelete#IT will ONLY get BETTER
#it MUST end IN praise
And they just realized this after how many years??
ReplyDeleteDezieani was in the works of selling some refineries and this administration said it was corruption. Buhari said it a bad decision to sell the refineries and now they are floating a kite about selling the refineries after condemning Jonathan's administration for the same idea, I wish this country well. Good intentions are always seen to be bad when the idea comes from someone else.
ReplyDeleteOBJ was actually d first president to have d idea & he ACTUALLY SOLD the refineries when he was capitalizing all govt owned industries. The sales were complete & d govt had collected money. I rmmbr dangote bought d warri refinery. The sales were REVERSED BY YARADUA. Those refineries would have bn productive now. According to obasanjo, yaradua said he did it bcos of "pressure". He obviously must have bn influenced by product importers who have d most to gain when local refineries dont work. Jonathan should have sold them bk immediately. It seemed like more of a talking point cos it was easily actionable. Easily.
Delete-Bisola
IS THIS A SECRET EXCUSE TO FINALLY SELL THE REFINERIES?....AND RETURN US BACK TO WHERE WE CAME FROM.
ReplyDeleteCorrect man. The oracle has spoken. Gbem!!!
ReplyDeleteCorrect man. The oracle has spoken. Gbem!!!
ReplyDeleteCorrect man. The oracle has spoken. Gbem!!!
ReplyDeletea.k.a EDWIN CHINEDU AZUBUKO said...
ReplyDelete.
Oky.....
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***CURRENTLY IN JUPITER***
Sell to urself and ur cronies abi....same bull new strategy
ReplyDeleteCould this b change?May God me alive to enjoy and b a part of this historical change.
ReplyDeleteRealities of governace,adopting the same Jonathan policy.
ReplyDeleteYou have to GMD, lol!
ReplyDeleteWelcome to reality!
I knw your shakara won't last. Build more refineries buddy, that's the only solution.
American has 64/69 refineries, that our locomotive refineries won't do shit even if all working.
Back to the same shit........importing?
Oga o!!
Its not change u use to build a refinery from scratch. And it takes very long to finish building. Its easier to buy one & refurbish parts. U shld find out when those american refineries were built. Theyre not shiny & new & theyre still producing.
Delete-Bisola
Do it if that will save some of your money. TIMILEYIN BLESSING
ReplyDeleteAnd was GEJ not abused for planning the sale of refineries? I am yet to seen a different policy direction from Buhari to will be his original idea. So far nothing. But he still have 3 years and 5 months to prove himself. So far nothing yet to show for the 'change'
ReplyDeleteAnd was GEJ not abused for planning the sale of refineries? I am yet to seen a different policy direction from Buhari to will be his original idea. So far nothing. But he still have 3 years and 5 months to prove himself. So far nothing yet to show for the 'change'
ReplyDeleteHummmmmm.....if that will solve our problem, then by all means.
ReplyDelete#TeamBlessed#
Hummmmmm.....if that will solve our problem, then by all means.
ReplyDelete#TeamBlessed#
SOME PEOPLE SAID THAT BUHARI HAS PERFORMED MIRACLE WITH RIFINARIES. WHERE IS THE MIRACLE?
ReplyDeleteAPC is the biggest fraud ever,if only their supporters will wipe the scale off their eyes,all this things are the things GOODLUCK jonathan also wanted to do,but lie lie mohamed and APC discouraged it,saying their god buhari will make it work,shebi una Don see wetin dey happen now,hahahahaha,stupid APC supported una go regret for ever putting this disgusting party into power.
ReplyDeleteYimu, I hear you. Now that you have said it to give room for those doing the turn to be influenced to slow down so as not to meet the.deadline and before you know retired generals and people like Thiefnubu as usual will feast on them in their usual manner like they did with the oil blocks.
ReplyDeletenow u see its penny wise pound foolish to refine in Nigeria. Now, u see past leaders who imported refined product were not stupid
ReplyDeleteWatch out for the guys who'll buy these refineries... Dangote tinz...
ReplyDeleteI concur, no time for slow players.
ReplyDeleteI concur, no time for slow players. Buckle up or be booted out! Capishe?
ReplyDeleteI concur, no time for slow players. Buckle up or be booted out! Capishe?
ReplyDeleteTot he said they won't d refineries why the sudden change
ReplyDeleteThe Management and Staff of Port Harcourt Refining Company are working assiduously to deliver on the mandate. Just like the GMD observed, the company is already churning out millions of litres of PMS daily. The ingenuity of the engineers in re-streaming the plant should be hailed and encouraged. The company is poised to continue to produce premium petroleum products for the benefit of all Nigerian.
ReplyDelete