The country’s three refineries in Warri, Port Harcourt and Kaduna are not up for concession or privatisation, as there is no plan to do so, the Federal Government has said.

Rather, the government says that it favours private sector investment and subsequent joint ownership and management of the plants for greater efficiency, adding that it would not spend its money on the refineries anymore.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said this when he received members of the House of Representatives Committee on Petroleum (Upstream), who were on an oversight visit to the ministry on Tuesday.

The minister said this while responding to a question by one of the members as to what exactly was the thinking of the Federal Government on the refineries.

Kachikwu said the government was working hard to bring in private investment capital to strengthen the plants in order to boost the nation’s local refining capacity.

According to a statement issued by the Director of Press, Federal Ministry of Petroleum Resources, Mr. Idang Alibi, the minister also explained that for the purpose of efficient management of the refineries, the Federal Government would hands-off the plants financially.

“Government’s money will not be committed to the refineries anymore,” Kachikwu said.

According to him, prospective private investors will bring in their money, take part in managing the refineries and from there, they will recoup their investments.

The Chairman of the committee, Victor Nwokolo, said the members were at the ministry to get first hand briefing on its activities, achievements, opportunities and challenges so as to enable the lawmakers know what support they could give.

He suggested that oil companies that failed to pay their signature bonuses to the Federal Government should have their oil block allocations revoked, while those who obtained their licences through the back door should face a similar fate.

http://investorsking.com/we-wont-privatise-refineries-says-kachikwu/

The Super Minister, the only light in Buhari's Dark Cabinet.....
Sail On Sir

Useless refineries

And with the refinery in your possession, what have you done with it? Do you not import virtually all our consumption? As if it takes a rocket science to manage a refinery. Govt of lies

Abacha loot should be invested in the TAM of the Port harcourt refinery...




But the government will instead use the these monies gotten from corruption for their personal deals.




Glory be to God

I remembered how active Kachukwu was when first appointed.

Just because he was not like politicians then he was demoted.


Still yet, he still brightens his little corner.

God be with you!!!

If you like privatise them, you've inflicted much pains on Nigerians with the increased pump price.


Nigerians are ready to reject you and the maladapted policies of your senior Minister (Buhari) this time around

mannobi:
And with the refinery in your possession, what have you done with it? Do you not import virtually all our consumption? As if it takes a rocket science to manage a refinery. Govt of lies

Buhari is minister not him.

They need to engage Public private partnership in some establishment /firms for more productivity n transparency and to prevent incessant shortchanging of the govt by their appointees.

A confused set of bureaucrats.

EastGold:
If you like privatise them, you've inflicted much pains on Nigerians with the increased pump price.


Nigerians are ready to reject you and the maladapted policies of your senior Minister (Buhari) this time around

demoted how?

Hmm

This administration is just too useless..... I thought they said they will privatise it before?

How some find the conscience to defend these idiots still baffles me

Talking from every part of your mouth anytime it suits u . Biko shift

Indecision everywhere you turn.

When Buhari just came, they were jumping up at the fake promise of repairing the refineries and building new ones. The even claimed it has started working.
Unserious government

sell the useless refineries abeg.

This country never ceases to amaze... And FYI, there are 4 refineries, not 3.

You guys should have understood what the minister is saying, the country is so corrupt that it's obvious the selling process will be hijacked no matter what you do hence this option. The want to follow the NLNG model whereby govt will have a stake but will be privately run. This model is obviously working and I must say is the best approach, even better than outright sale.

What that will eventually mean is that the Government can't keep determining the Price of Petrol.

Prices shouldn't be determined by government, as price is determined by cost of production as well as demand and supply.

Looking at NLNG, FG does not determine the price of gas.

Shikena.

[i][b]Kachikwu said the government was working hard to bring in private investment capital to strengthen the plants in order to boost the nation’s local refining capacity.

According to a statement issued by the Director of Press, Federal Ministry of Petroleum Resources, Mr. Idang Alibi, the minister also explained that for the purpose of efficient management of the refineries, the Federal Government would hands-off the plants financially.

“Government’s money will not be committed to the refineries anymore,” Kachikwu said.

According to him, prospective private investors will bring in their money, take part in managing the refineries and from there, they will recoup their investments.

He suggested that oil companies that failed to pay their signature bonuses to the Federal Government should have their oil block allocations revoked, while those who obtained their licences through the back door should face a similar fate.

AM CONFUSE!!!