Nigeria And China Sign $23bn Deal For Three Refineries - Politics (2) - Nairaland
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Nigeria And China Sign $23bn Deal For Three Refinaries In Kogi,lagos & Bayelsa. / Goodnews: Nigeria And China Sign $23bn Deal For Three Refineries / Nigeria And China Sign $23bn Deal For Three Refineries (2) (3) (4)
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by paddylo1(m): 9:40pm On May 16, 2010 |
Please tell me is it wise for a Nigerian government as corrupt as it is today to take a $23billion dollars loan to fund a deal you and i know will never be completed. Even if completed will definitely end jst like every other projects in Nigerian? Nigeria is not taking a $23billion dollar loan. . .did u even read the article? China will source the funds from chinese banks and build the refineries NNPC can then buy into 20% of the joint venture its the same type of joint venture we have with shell and other IOCs Please what planet are you living in? Can you tell me any sector of Nigerian governement that we have made any substantial profit out of, and please educate me on what the profits was used for? Nigeria is yet to clear their debts, not becoz we cant clear them, but as a result of Corruption in the country. So i dont think any wise leader will embark on creating more debt for us, as long as this inherited corruption still exist. At the moment we should make best use what we have, while corruption is being flushed out the system. Only after that will such deals as this could be effective and efficient. [b]The PIB aims to make NNPC run like a private for profit organization. . .That bill will be passed into law this yr Also if u dont take loans there is no way u can finance a project like this. . .its simple OANDO that is run as a private company is making huge profits and doing well for its shareholders so that is what NNPC aims to be like in the future Also when NNPC becomes private the debts it takes to finance its infrastructure expansion will be on its own books/balance-sheet not Nigerias Nigerias dollar denominated debts are only $3.9billion The local debts dont need to be cleared,they only need to be rolled over to maintain the local bond market There is no where that there is no corruption in the world Nigerias problem with corruption is when Govt officials lead or fund projects like this as u can see the funds will be gotten by the chinese so the only other aspect for corruption to take place is bribery I dont mind as long as the project is being built,we have not built any refineries in close to 20yrs, so this is a welcome long overdue project[/b] |
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by paddylo1(m): 10:27pm On May 16, 2010 |
23 Billion dollars Worth? aaaahhhh!!! Heres the article from bloomberg. . . . [size=14pt]Nigeria, China to Spend $23 Billion Building Oil Refineries[/size] [b] May 14 (Bloomberg) -- Nigeria and China agreed to seek funding of $23 billion dollars to build three new oil refineries and a petrochemical complex in the West African country, the state-run Nigerian National Petroleum Corp. said. The construction of the facilities is aimed at helping the country produce the estimated 750,000 barrels of oil per day it will need over the next decade to curb the “flood” of imports of refined petroleum products, the Abuja-based NNPC, said in a statement e-mailed to Bloomberg News today. A memorandum of understanding was signed between the company and China State Construction Engineering Corp. “China State Construction on its part desires to expand its presence on the African continent and establish its footprint firmly in the Nigerian oil & gas landscape,” according to the statement Nigeria’s four existing refineries have a combined capacity of 445,000 barrels per day, though they are unable to operate at full production because of ageing equipment and poor maintenance. That has forced Nigeria to depend on imports to meet its refined-fuel requirements. China Export and Credit Insurance Corp., Sinosure and a group of Chinese banks will participate in the funding, the NNPC statement said.[/b] http://www.bloomberg.com/apps/news?pid=20601116&sid=asUfGSL.AKmg From the article u will see that 1.Nigeria needs 750,000 barrels per day by 2020. . .so these refineries have to be built one way or the other,else we will be in even more trouble 10yrs from now 2."China Export and Credit Insurance Corp., Sinosure and a group of Chinese banks will participate in the funding", so the funds will come from overseas not from Nigeria Its a win win scenario IMHO |
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by edoyad(m): 2:58pm On May 17, 2010 |
@ OP, do you know how much the FG spends on subsidizing fuel annually ? Any one who has those figures should please present so we can all see the monumental savings we'll be making just for spending 3 years worth of oil subsidies on a really brilliant project. Remaining in the status quo is actually where the corruption is. |
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by Kobojunkie: 3:10pm On May 17, 2010 |
@Paddy_lo, the post of which you responded to has nothing to do with that article but with the comment made by the person it was posted in RESPONSE TO. |
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by paddylo1(m): 3:54pm On May 18, 2010 |
@Paddy_lo, the post of which you responded to has nothing to do with that article but with the comment made by the person it was posted in RESPONSE TO. Ok i see. . .i guess u are not opposed to this project then?  |
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by princekevo(m): 6:11pm On May 18, 2010 |
paddy_lo: I dont think anyone is opposing this project, but we all wanna be sure that same news as below would'nt also be the case in future. Other than that i personally have a problem with Nigeria government signing such deal with china of all people. Nigeria’s four existing refineries have a combined capacity of 445,000 barrels per day, though they are unable to operate at full production because of ageing equipment and poor maintenance. That has forced Nigeria to depend on imports to meet its refined-fuel requirements. |
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by edoyad(m): 8:03pm On May 18, 2010 |
@prince kevo now you're talking. So this is about that problem the stuborn Chinese are giving Nigerians over there and not the deal altogether. Why don't you guys try to contact Abike Dabiri in the house of reps ? She's in charge of such Diaspora problems. |
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by paddylo1(m): 9:05pm On May 18, 2010 |
I dont think anyone is opposing this project, but we all wanna be sure that same news as below would'nt also be the case in future.[b] The problem of poor maintenance of refineries will be solved by a privatized professional NNPC How do other companies like shell,exxon etc manage to run their refineries?. . .by being for profit and doing things professionally as for china. . .thats where the money is. . .i have already told u about CNOOC,PETROCHINA,SINOPEC and so on that run successful oil companies worth hundreds of billions of dollars. . .they have the knowhow and NNPC frankly is too far behind,but its better late than never ARTICLE 1. . . PetroChina, the world's No. 2 oil and gas producer, reported a record first quarter net profit increase of 71.2 percent Tuesday evening, following two years of declining profits. PetroChina's net profit in the first quarter totaled 32.49 billion yuan ($4.75 billion) with an output of 210 million barrels of crude oil. Its natural gas production hit 17.27 billion cubic meters, up 16.5 percent, according to a statement the company filed with the Shanghai and Hong Kong stock exchanges. China's biggest oil company processed 215 million barrels of crude oil in the first quarter, up 16.2 percent from a year earlier. PetroChina sold 27.05 million tons of gasoline, diesel and kerosene in the first months of 2010, a 27.3 percent year-on-year increase, helped by high crude oil prices and growing domestic demand. http://business.globaltimes.cn/industries/2010-04/527025.html ARTICLE. . .2 Cnooc Revenue Doubles as Crude Oil Prices Rebound (Update2) Share Business ExchangeTwitterFacebook| Email | Print | A A A By Bloomberg News April 28 (Bloomberg) -- Cnooc Ltd., a unit of China’s biggest offshore oil producer, said revenue more than doubled in the first quarter after crude prices rebounded and domestic demand surged. Sales rose to 30.5 billion yuan ($4.46 billion) from 13.95 billion yuan in the same period last year, according to a statement the Beijing-based company released to the Hong Kong stock exchange today. Cnooc didn’t issue a quarterly profit figure as the company only reports half- and full-year earnings. The average realized price for a barrel of oil produced by Cnooc increased 81 percent to $75.37 in the first quarter while output climbed 31.9 percent, according to the statement. The company, which announced its biggest overseas acquisition last month, aims to increase output by as much as 27 percent this year to gain from rising oil prices and China’s demand. http://www.bloomberg.com/apps/news?sid=aYYwyIZCcXlc&pid=20601087 ARTICLE 3. . . .(this is who NNPC Signed the agreement with) Sinopec’s Profit Jumps 39.9% on Resurgent Economy (Update2) April 28, 2010, 11:09 AM EDT April 28 (Bloomberg) -- China Petroleum & Chemical Corp., Asia’s biggest oil refiner, reported a 39.9 percent jump in first-quarter profit, matching estimates, as a resurgent economy boosted fuel demand. China’s economy grew at the fastest pace in almost three years in the first quarter, spurring factory demand for raw materials, oil and petrochemicals. Sinopec, relying on refining and fuel distribution for most of its revenue, processed 20 percent more crude into oil products during the period after the government raised fuel prices five times last year. China Petrochemical Corp., Sinopec’s parent, may buy stakes in two oil blocks off Brazil’s northern coast from Petroleo Brasileiro SA, the company also known as Petrobras said on April 15. China Petrochemical is also in talks with Singapore authorities to build a refinery and reserve facility in the city-state, China Business News said on April 20. This follows China Petrochemical’s agreeing this month to pay ConocoPhillips $4.65 billion for a stake in Syncrude Canada Ltd. to enlarge its reserves of petroleum overseas. Sinopec said in March it would buy a stake in an Angolan field from its parent for $2.5 billion to boost crude oil production by almost 9 percent. First-quarter capital spending reached 16.84 billion yuan. Exploration and production operating profit more than tripled to 8.7 billion yuan during that period, Sinopec said. http://www.businessweek.com/news/2010-04-28/sinopec-s-profit-jumps-39-9-on-resurgent-economy-update2-.html[/b] |
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by coldhearts(f): 9:12pm On May 18, 2010 |
As for me, a deal with china is a good deal until proven otherwise. Angola and a few other African countries is a good place to look at like someone else mentioned earlier. I'm actually glad china is willing to work here because if they don't, there's a higher probability that we will simply remain stagnant for another decade or more, hence this is more of a plus than a minus. Lastly, I wish a few peope would educate themselves, try to understand and make friends with a country that is trying to work with theirs. It will certainly reduce ignorance and grief cos the world is changing fast. If anyone wants to be upset, then be upset at yourself or your predecessors for staying so stagnant for so long while the rest of the world was developing their own economy and so on. sorry for my slight deviation from topic  |
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by paddylo1(m): 9:14pm On May 18, 2010 |
one more thing its a big shame that NNPC cannot be anything more than a local champion. . They should be making deals in ghana,angola,brazil,iraq and so on. . .' They should have subsidiaries listed on the Newyork stock exchange and the Nigerian stock exchange. . These companies PETROCHINA,CNOOC are chinese national oil companies listed on the stock exchange in newyork and china they go around the world and buy oil resources,develop it and make profit on it whearas our own NNPC cannot develop oil and gas in its own backyard. . . Also once NNPC is listed,they can source funds from the capital markets instead of from the Nigerian Govt. . . |
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by plesky: 6:52pm On Jul 30, 2010 |
HELLO EVERYONE! PLEASE CAN ANYONE GIVE ME AN INFORMATION ON THE THREE PEOPLE/COMPANY GIVEN LICENSE TO BUILD PRIVATE REFINERIES IN NIGERIA? THANKS. |
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by naijaway(m): 4:37am On Jul 31, 2010 |
Great project indeed. Sometimes just simply maintaining the old can be so expensive that one might as well buy a new one. My concerns are even more due to the roles of most of the Nigerians that are involved in this project (due to , ). If i were in a principled nation, then i would be more concerned about the level of modernization of the refineries in terms of safety or about a chinese strategy in terms of parts, diplomatic row, etc Nigeria and Nigerians really need to work on credibility/accountability. My biggest concern of this and many projects done in Nigeria are: credibility/accountability - of approval process; - of materials involved; - of operations including maintenance programs; - of the whole project in terms of long term output or uses goals and equipment parts availability. Hopefully, soon as a nation, we will still be able to simulate credible/accountable principles into the fabric of the nation. Correct project if you ask me. |
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by DisGuy: 3:50pm On May 09, 2011 |
The PIB aims to make NNPC run like a private for profit organization. . .That bill will be passed into law this yr 09/05/2011 where this mou don reach sef? |
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by Kobojunkie: 3:56pm On May 09, 2011 |
Na true question. It has been a year since the claimed signing, right? So, where are these refineries being built? |
| Re: Nigeria And China Sign $23bn Deal For Three Refineries by vigasimple(m): 4:59pm On May 09, 2011 |
Programmes monitoring DEPARTMENT OR TEAM OR ORGANIZATION is required in this country for promises, mou and 'bulls' we get daily from our leaders. It has been well over a year now, what progress have been made on the refineries? or is it just another news to make the headlines? please anyone with info, post it of the update |
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