The Minister of State for Petroleum, Ibe Kachikwu, said on Saturday that the Federal Government needed 700 million dollars to upgrade its refineries to produce at maximum capacities.
Mr. Kachikwu, who is also the Group Managing Director of NNPC, disclosed this while speaking with journalists during the re-inauguration of the Port Harcourt/Bonny Crude Supply Line at the Port Harcourt Refining Company (PHRC), Eleme, Rivers.
He said that due to the fact that the nation did not have such amount, advertisements had been signed for investors to come in.
According to him, “we are not inviting foreign partners to take over the refineries; the total investment for that is up to $700 million and we don’t have that. Let us be honest about it”.
”So, the best thing to do is to find a very creative way to bring in investors, who will come in, work with our team here;
‘’Investors, who have the skills to reactivate and upgrade facilities in this place and help us provide technical support and we will pay through the flow-out of the refined products over time,” he said.
Mr. Kachikwu emphasised that there should be no confusion about what the investors would be coming to do, since they would not come to run the refinery.
”They are coming to provide funds to take our performance on these refineries to 90 percent and to provide us with technical skills.
Foramfera
”So, the areas of intervention will be funding and technical support,” he said.
Mr. Kachikwu said that at present, Nigerians were consuming about 45 million litres of petrol daily, while the refineries were producing 12 million litres daily as they were working at 60 per cent capacity.
He said the nation will need to upgrade the refineries and let them develop to the point where they can perform up to 90 per cent.
He said by the time the refineries were upgraded to lstart producing at 90 per cent, about 20 million litres would be produced daily.
The minister said that with such production, it would only meet up with about half of the country’s consumption.
Mr. Kachikwu, however, apologised to Nigerians for their suffering due to the fuel scarcity and also thanked Nigerians for their patience.
He explained that the government had been able to recover the two critical crude supply pipelines; which were Escravos/Warri and Bonny/Port Harcourt crude supply pipelines.
Mr. Kachikwu said that the pipelines were down for six to seven years but had been repaired and were working and supplying crude to the refineries.
”For the first time, the refineries will get their crude, pay for it; they will sell their products and they will earn the income from that product.
”And then, they can develop and continue to maintain the refineries even after this intervention is over.
”Port Harcourt is back in production, Warri is back in production; Kaduna today is receiving and will soon be back in production. It is something of joy,” he said.
Mr. Kachikwu said, ”Lagos is easing off now from fuel scarcity and Abuja is doing the same thing; once Kaduna begins to produce, the North will see a lot of improvement.
”Over and above that, we are putting long term policies in place to ensure that while smaller marketers go out and do their stuff, we can then be the key suppliers for the rest of the country.”
He commended the workers and the contractors for a job well done; adding that he had signed the promotion letters of the Port Harcourt Refining Company staff as they deserved to be rewarded.


Mr. Kachikwu, however, said there is a lot still to be done, ”I told you I will never give up.
“We owe Nigerians the duty to ensure that the refineries are working. We owe Nigerians that, we can’t give up,” he said.
The minister urged Nigerians to remain resilient, “support what the government is doing because this is the only way to change the system.” http://www.premiumtimesng.com/news/top-news/202317-nigeria-needs-700-million-upgrade-refineries-kachikwu.html?utm_source=

What happened to our second biggest revenue generator Abacha loots?

A chicken change. One of the recovered loots from Ex-military Chiefs will write the bill off.


What are you still waiting for, give EFCC a call before they re-loot the recovered loots.

God I don tire 4 dis country make I carry my bag go congo

d lies of dis govt is unbelievable wat about d $500 million kachukwu talk say dem save for subsidy last year
hope nigerians dey see d kind nonsense wey dey face dis con3 hypocrisy on tribalism go bury dis con3. if dis con3, serius, dem for don sell dis scrap refineries teh teh. dis refineries na liabilities.
until nigerians wake up from daura economics, dis refinery wahala go continew forever!
[b]-after OBJ wasted billions of dollars trying to revive refineries to no avail, him finally approved say make dem sell dem in 2006. but wetin happen yar adua revoke am.
- yar adua den voted hundreds of millions of dollars to revive d scraps OBJ spend billions trying to repair. but wetin happen few weeks later dem spoil again.
-GEJ voted hundreds of millions of dollars to repair d same refineries yar adua spend millions trying to repair. dem start work, but 2 weeks later dem crash again. na dat time GEJ talk say dis problem no go disapear unless him remove fuel subsidy to allow oyel investors build private refineries. den 2012, GEJ remove fuel subsidy. but wetin happen ojota dancers took to d street to protest fuel subsidy removal.
-deziani again advocate say make nigeria sell her refineries ASAP sake of say dem be liabilities. dem no dey generate d con3 any revenue. but wetin happen dem cabals started witch hunting her like criminal.
-today, kachukwu dey talk say him need $700 million repair refineries again! same ones wey OBJ, yar adua n GEJ spend billions of dollars trying to repair![/b]
abeg make una kuku look at d above n tell me say dis one no be madness abi e no beta make govt just sell all d refineries use d moni build new ones how much dem spend in d last 17 years trying to revive d scraps d moni wey dem waste for dis scraps go build at least, 5 brand new refineries!

JISOS! WHAT WILL A NEW ONE NOW COST?

We need to first reap the rewards of the celebrated turn around maintenance TAM before part of the over $300 billion so far recovered by this administration can be invested in this upgrade.

LadyExcellency:
A chicken change. One of recovered loots from Ex-military Chiefs will write the bill off.


What are you still waiting for, give EFCC a call before they re-loot the recovered loots.

I wonder o! Now you hear billions recovered,next thing it goes into oblivion.

Is it a sin or against the Law to use recovered loot for country sustainability and progress?

*observing Nigeria from ringside*

Nigeria needs 700m dollars or FG needs it?

Oga Kachickwu...abeg why you dey tell us?? The "loots" when your Oga say una government don recover so, una no dey use am dey repair the refineries?? Abi the "recovered loots" na for paper sensation ??

drss1:
d lies of dis govt is unbelievable wat about d $500 million kachukwu talk say dem save for subsidy last year
hope nigerians dey see d kind nonsense wey dey face dis con3 hypocrisy on tribalism go bury dis con3. if dis con3, serius, dem for don sell dis scrap refineries teh teh. dis refineries na liabilities.
until nigerians wake up from daura economics, dis refinery wahala go continew forever!
[b]-after OBJ wasted billions of dollars trying to revive refineries to no avail, him finally approved say make dem sell dem in 2006. but wetin happen yar adua revoke am.
- yar adua den voted hundreds of millions of dollars to revive d scraps OBJ spend billions trying to repair. but wetin happen few weeks later dem spoil again.
-GEJ voted hundreds of millions of dollars to repair d same refineries yar adua spend millions trying to repair. dem start work, but 2 weeks later dem crash again. na dat time GEJ talk say dis problem no go disapear unless him remove fuel subsidy to allow oyel investors build private refineries. den 2012, GEJ remove fuel subsidy. but wetin happen ojota dancers took to d street to protest fuel subsidy removal.
-deziani again advocate say make nigeria sell her refineries ASAP sake of say dem be liabilities. dem no dey generate d con3 any revenue. but wetin happen dem cabals started witch hunting her like criminal.
-today, kachukwu dey talk say him need $700 million repair refineries again! same ones wey OBJ, yar adua n GEJ spend billions of dollars trying to repair![/b]
abeg make una kuku look at d above n tell me say dis one no be madness abi e no beta make govt just sell all d refineries use d moni build new ones how much dem spend in d last 17 years trying to revive d scraps d moni wey dem waste for dis scraps go build at least, 5 brand new refineries!

U are making sense sha, hmmm

I've always felt, government owned in Nigeria is just a black hole.

Electricity money thrown, swoooop! Black hole suck am.

Refinery money, swooop! Into the black hole.

Even Nitel back then, swoopydeeswoooop


Abeg, make dem sell am and hands off the sector, except for regulation and no, not price regulation

clowns, jesters and zombieezz.
it looks like babaijebu cast a spell on this kashiku.
he is lying from both all sides of his mouth this days.

drss1:
d lies of dis govt is unbelievable wat about d $500 million kachukwu talk say dem save for subsidy last year
hope nigerians dey see d kind nonsense wey dey face dis con3 hypocrisy on tribalism go bury dis con3. if dis con3, serius, dem for don sell dis scrap refineries teh teh. dis refineries na liabilities.
until nigerians wake up from daura economics, dis refinery wahala go continew forever!

Where do u think they get the funds for bail out n running the system from?

K

what abt all d money bubu said he recovered?.

Ok. Dey should come lemme right dem d cheque!

Ask china to give you na. confused kachikwu

Ohammadike:
The Minister of State for Petroleum, Ibe Kachikwu, said on Saturday that the Federal Government needed 700 million dollars to upgrade its refineries to produce at maximum capacities.
Mr. Kachikwu, who is also the Group Managing Director of NNPC, disclosed this while speaking with journalists during the re-inauguration of the Port Harcourt/Bonny Crude Supply Line at the Port Harcourt Refining Company (PHRC), Eleme, Rivers.
He said that due to the fact that the nation did not have such amount, advertisements had been signed for investors to come in.
According to him, “we are not inviting foreign partners to take over the refineries; the total investment for that is up to $700 million and we don’t have that. Let us be honest about it”.
”So, the best thing to do is to find a very creative way to bring in investors, who will come in, work with our team here;
‘’Investors, who have the skills to reactivate and upgrade facilities in this place and help us provide technical support and we will pay through the flow-out of the refined products over time,” he said.
Mr. Kachikwu emphasised that there should be no confusion about what the investors would be coming to do, since they would not come to run the refinery.
”They are coming to provide funds to take our performance on these refineries to 90 percent and to provide us with technical skills.
Foramfera
”So, the areas of intervention will be funding and technical support,” he said.
Mr. Kachikwu said that at present, Nigerians were consuming about 45 million litres of petrol daily, while the refineries were producing 12 million litres daily as they were working at 60 per cent capacity.
He said the nation will need to upgrade the refineries and let them develop to the point where they can perform up to 90 per cent.
He said by the time the refineries were upgraded to lstart producing at 90 per cent, about 20 million litres would be produced daily.
The minister said that with such production, it would only meet up with about half of the country’s consumption.
Mr. Kachikwu, however, apologised to Nigerians for their suffering due to the fuel scarcity and also thanked Nigerians for their patience.
He explained that the government had been able to recover the two critical crude supply pipelines; which were Escravos/Warri and Bonny/Port Harcourt crude supply pipelines.
Mr. Kachikwu said that the pipelines were down for six to seven years but had been repaired and were working and supplying crude to the refineries.
”For the first time, the refineries will get their crude, pay for it; they will sell their products and they will earn the income from that product.
”And then, they can develop and continue to maintain the refineries even after this intervention is over.
”Port Harcourt is back in production, Warri is back in production; Kaduna today is receiving and will soon be back in production. It is something of joy,” he said.
Mr. Kachikwu said, ”Lagos is easing off now from fuel scarcity and Abuja is doing the same thing; once Kaduna begins to produce, the North will see a lot of improvement.
”Over and above that, we are putting long term policies in place to ensure that while smaller marketers go out and do their stuff, we can then be the key suppliers for the rest of the country.”
He commended the workers and the contractors for a job well done; adding that he had signed the promotion letters of the Port Harcourt Refining Company staff as they deserved to be rewarded.


Mr. Kachikwu, however, said there is a lot still to be done, ”I told you I will never give up.
“We owe Nigerians the duty to ensure that the refineries are working. We owe Nigerians that, we can’t give up,” he said.
The minister urged Nigerians to remain resilient, “support what the government is doing because this is the only way to change the system.” http://www.premiumtimesng.com/news/top-news/202317-nigeria-needs-700-million-upgrade-refineries-kachikwu.html?utm_source=

buhari should take the money from the N2trn saved through TSA

Na wa m

The rot in this country is apparently monumental. I don't envy PMB.

privatise those refineries and spare us this long story..

700 m pere aha all the money they have recover from loots pass 700m oo meanwhile talk to saraki tinubu otedola amechi and co obi they give this money from there personal account

privatise dem oooo

make una stop d deceive una self. why can't govt both past and present build a new refinery

megaik:
JISOS! WHAT WILL A NEW ONE NOW COST?

A standard refinery (processing over 100k barrels per day) costs no less than $2bn

megaik:
JISOS! WHAT WILL A NEW ONE NOW COST?

they wnt to keep on repairing scraps from the 1970;s now parents will be like, "my boy I want you to study engineering, Engineering has been killed in our country by these politicians" ,.... Before u challenge my conclusion I am a civil engineer and before u rain curses ask me wht I designed in my final year!

[size=15pt]Another excuse should the fuel scarcity continue...This is a failed government[/size]

U had bera take from recovered Stolen fund and announced the remaining for person like Dangote to assist. Also, charge the govt official to contribute their quota.I juxt wana make common Sense.

D recovered loot nko? No need to borrow

What about the funds that have been injected into the refineries in times past?