PIB ’ll compel oil majors to establish refineries – Legislator

February 9, 2012 by Stanley Opara (Punch)

Mr. Dakuku Peterside is the chairman, House of Representatives Committee on Petroleum Resources (Downstream). He says the Petroleum Industry Bill, if passed, will facilitate full deregulation of the petroleum industry. He spoke with STANLEY OPARA.
. . .

Q: Some Nigerians are still not convinced about the real benefits of this bill. What do you have to say to such persons or group of persons?

A: The PIB is a reform- focused  act.  This simply means that it will reform a system that has been running for many years without any major attention.  First, it will harmonise all existing laws that concern the oil industry.  Secondly, it intends to promote more transparency in the way business is conducted in the oil and gas industry.  So, we need to inject transparency to it. 

Thirdly, more than anything else, the PIB hopes to make the local people in all the oil producing areas stakeholders in the industry.  This also means that it will introduce a fiscal regime in the industry.  In addition, there will be new legal and regulatory framework in the industry.  It will also restructure the existing joint ventures.  You know these lopsided ventures between the oil majors. 

This bill will definitely make these relationships more favourable to Nigeria and her people.  The current joint venture agreement is skewed in favour of the multinationals.  And so, if we must put the oil industry back in the hands of Nigerians, if we must put Nigerians in the driving seat of the commanding heights of the oil industry, then, we must restructure the existing joint venture agreements we currently have. 

Again, there is a provision in the PIB which says that if you produce a certain quantity of crude oil, it is mandatory that you must establish a refinery in Nigeria.  And you can imagine the employment that will be created when you have many refineries across the country.  Whether we like it or not, there will be a minimum of seven major oil companies that will be compelled by that law within 24 months to establish refineries in Nigeria.

  And so, common sense tells me that 24 months after the passage of the law, we will have a minimum of seven refineries.  It is common sense application.  You do not need any technical assistance to arrive at that.


 Therefore, if there is anything that will address the Nigerian situation especially as it relates to the oil God blessed us with, it is the PIB.  Another important thing is that the PIB will significantly address environmental challenges associated with exploration and drilling of oil.  It is one of the cardinal challenges we are facing in the Niger Delta.  People say this environment is polluted and degraded.  But the PIB will accommodate all of that.

Read the full report here: http://www.punchng.com/business/energy/pib-ll-compel-oil-majors-to-establish-refineries-legislator/

How is it possible to force them to build refineries?

Who will supply the billions of dollars to build the refineries?

Wetin concern producer of crude oil with refining of same?

They are entirely separate businesses.

May as well compel them to build roads, power plants, provide security, etc too

I think the key issue is admission that the govt is too corrupt and inept to run the refineries. The foreign oil producing companies have a track record of efficiency , and if they can run the refineries , good. The Fed. Govt may provide a large chunk of the initial capital and they can share profits on agreed terms. We also need to produce oil for local refining use , at a low rate than the exported one to make this a viable. The will eliminate importation of petroleum products.

If this succeeds then the lives of those who died at subsidy removal riots will not be in vain.

ekt_bear:

How is it possible to force them to build refineries?

Who will supply the billions of dollars to build the refineries?

Wetin concern producer of crude oil with refining of same?

They are entirely separate businesses.

May as well compel them to build roads, power plants, provide security, etc too

My broda, See me see problem oh! How can you force someone to do a business in a democracy? Soon, Nigerians will begin to adopt this as a true position of things!

@ekt /efisher How much will it take to build a Refinery, that you think Shell/Chevron cannot aford?
I think mulitinational oil companies will be more efficient in operating a refineries than our Govt. has done so far.
That na if this bill come out as them talk am o.

ekt_bear:

How is it possible to force them to build refineries?

Who will supply the billions of dollars to build the refineries?

Wetin concern producer of crude oil with refining of same?

They are entirely separate businesses.

May as well compel them to build roads, power plants, provide security, etc too

Though I don't expect to, but I am yet to see a refinery worth a billion dollars

gentleoyink:

@ekt /efisher How much will it take to build a Refinery, that you think Shell/Chevron cannot aford?
I think mulitinational oil companies will be more efficient in operating a refineries than our Govt. has done so far.
That na if this bill come out as them talk am o.

My broda, it is just like saying "PIB to Compel the Nigerian Army to build refineries"! Will it succeed?

They should build refinaries, they have milked the Government all in the process of importation of refined PMS

ekt_bear:

How is it possible to force them to build refineries?

Who will supply the billions of dollars to build the refineries?

Wetin concern producer of crude oil with refining of same?

They are entirely separate businesses.

May as well compel them to build roads, power plants, provide security, etc too

Who gave them the billions to build power plants for themselves and the infrastructure to support their exploration activities. If they cannot comply with the conditions they should not bother to bid in the future. We own our resources not them and have a right to set whatever conditions we deem fit. The oil industry like many others is shifting east no longer to be dominated by Western Europe and North America. They should dismantle their refineries in Houston and send them down here or China will do the job like it did in Equitorial Guinea.

ekt_bear:

How is it possible to force them to build refineries?

Who will supply the billions of dollars to build the refineries?

Wetin concern producer of crude oil with refining of same?

They are entirely separate businesses.

May as well compel them to build roads, power plants, provide security, etc too

of course we can force them! We can also force them to stop gas flaring, to clean up all areas polluted by spillage, We make the rules and they must obey!

lets talk about this present day subsidy
regime, the Cbn gov has already confessed
he has evidence of round tripping , he said
he paid subsidy on 15 fake vessels
approved by customs.
what did madueke do? nothing

the reasons investors did not build
refineries over the years was lack of cheap
crude but the biggest reason is corruption
how?

licences were given to companies without
the financial muscle to build refineries also
part b of the license clearly states that
these armed robbers have oil lifting license
embedded in their refining license,
tell me who will choose refining over lifting
where he makes instant profit and inflated
subsidy
what did madueke do? nothing as usual

do you know that NNPC does not have
storage facilities for all those millions of
products they are quoting and importing.
how exactly does Nnpc wish to store
30million litres of pms?
do you know that these fg goons went
ahead to licence importers without storage
facilities leading to the govt paying extra
for storage on a product they are paying
over 70 naira as subsidy can u beat this
stup1dity and incompetence?

what did iweala and madueke do? nothing,

do you know that these leppers in Nnpc
have no grading structure for imported
pms low grade,mid grade and high grade
all are pms same subsidy, same price even
ethanol blends have subsidy paid on them,
can you beat that?
even abroad where the products come
from have different prices. some are far
cheaper than others which ordinarily
should attract low subsidy


what did madueke do? nothing.

do you know that these bingos at Nnpc
dont maintain their pipeline networks
which ordinarily should link one depot to
the other,
they have to pay extra for tankers
transporting these products all are
subsidies.
eventhough their foreign jv partners are
maintaining over 1000 pipeline networks in
Nigeria.
what did madueke do?
nothing.


do you know that under madueke's watch
demurrage is paid as subsidy to these
importers .
how cant they be reponsible for their
import schedule?
is it not commonsensical for madueke to
prioritize the discharge of those vessels
quickly in tank farms as not to attract
demurrage for a product you are
subsidizing?


and they want us to tighten for a better
future? which future ? can iweala,Sls and
madueke plan for a sustainable future if
given the task?
dead failures.


for every extra kobo you pay on pms you
paid for madueke's incompetence.
now they can see high expenditure but
cant see how their incompetence is
inflating the subsidy regime.
Do u seriously think iweala will see it
comming if it was true that economy will
crash?


Let us analyze the genere and politics of
these issues
There are more misnomers than facts
surrounding this subsidy brouhaha.
First,
the Govt said the economy will collapse,
ridiculous indeed

secondly,

the Govt said
oil importers are a 'cabal', nearly fell off
my seat.
Comrades, there are no cabals, in 2009 the
scarcity of petroleum products became
intense and the Govt admitted that Nnpc
through its subsidiary PPMC has failed
Nigerians by their inability to meet up with
the supply of pet. Products and that
phenomenon gave rise to licensing of
some people to 'assist' the Nnpc in doing
their job for which they are paid for.
Please don't forget that hitherto, Nnpc has
been doing the importation and refining
themselves before corruption eroded their
common sense.
These importers went abroad and came
back with a price Nnpc is already aware of
comprising of logistics, storage and
administrative costs, these were quantified
before they arrived at a price.
The FG now fixed a price tag of 65naira on
Pms and agreed to be reimbursing the
importers the balance not oblivious of the
fact that the landing cost is higher than
the stipulated price
To my greatest chagrin, the Jonathan’s
administration woke up and termed them
'cabals' who are fleecing the nation.


Assuming Ruben Abati goes abroad to buy
a TM underwear for 1k and decides to sell
it 1.5k adding purchase price plus logistics
plus profit and the Govt tells him to sell at
900 naira, wont he ask for the 600naira
balance? When the incompetent NNPC
agrees to reimburse him, then he has
become a cabal stealing from the GOvt?
We are not docile, If Nnpc lived up to their
responsibility, we won’t have need for the
importers in the first place.There is no
doubt that the subsidy regime is met with
corrupt practices, is it not the
responsibility of the govt to clamp down on
those malfeasance?
the Governor of central bank confessed
during the town hall meeting that he paid
subsidy to 15 fake vessels who connived
with customs to falsify their papers.
is this not fierce corruption?
and we have a shameless commander in
chief? by the way, how many naval officers
patrol our waters on tax payers account?
efcc,icpc etc
The only solution that came to the minds
of this disgruntled PDP administration is to
remove subsidy into-to not minding its
inflationary consequences.
This is the si1liest approach any human
being with brain if they have one can
summon.

Thirdly,

Jonathan insulted the intelligence of
Nigerians telling us that we don't benefit
from this subsidy except for the importers
and he had the unbridled temerity to be
advertising it on NTA saying the rich are
getting richer.
This people are demons.
When Ruben abiati's mother goes to the
market to buy vegetable at a price, does he
not know that the seller included cost of
transportation to that price?
So when the transporter buys PMS @
65naira and fixes his price based on that,
he says his mother did not benefit from
the subsidy that guaranteed the price in
the first place?
In a generator driven economy like ours?
It is either Ruben Abiati and his employers
are drunks or they think that Nigerians are
m0rons.

I feel sorry for people that think that
competition will crash the deregulated
price erroneously juxtaposing it with GSM.
Do you know that the price of crude being
the raw material for refined pet. Products
are sold at the same price world overl?
If you agree to this, then, even if you
deregulate and license 5million importers
the product will still be expensive because
crude itself is expensive.
You will still need to subsidize it to
65naira, exactly why deregulation of diesel
in part did not work.The only reason you
have not bought diesel @ 200naira is
because there are so many illegal
refineries who bunker crude, settle JTF and
refine diesel at a lower price.
This people still pose a great threat to the
importers who buy at a higher price that is
why you get diesel @ 140naira elsewhere
but in the delta i buy as low as 70naira. At
this verge you will not over rule the fact
that these unscrupulous elements
contribute to the availability of diesel, if
you are in doubt, anywhere you see cheap
diesel, ask the dealer the source of his
consignment If he is honest he will tell you
the truth, when i was told, i took an hr
20mins boat ride to a remote village in the
delta between Belema and Kola
communities and i saw the local refinery
myself.
Conduct a chemical test on those cheap
diesels if you are not convinced and you
will realize a lot of additives are
missing.Sounds incredible but those are
the realities on ground.You now know why
many importers in the delta hardly have
diesel.
I still feel sorry for those who think the
Govt should build more refineries, that will
not solve the problem either because there
is no cheap crude to supply these
refineries.


Do you know that even the petroleum
products from our present refineries at a
disappointing capacity attract subsidy?
that is what Sanusi is not telling Nigerians.
This Sanusi's buisness model of increasing
local price to attract investors is
misleading.

He should ask himself why so
many buisnesses left the USA for Asia and
Arrica between 1998 till 2008.
The reason was because cost of doing
buisness in America was high so there was
need to tap into Africa's cheap land and
asia's cheap labour.

If you increase the pump price the spiral
inflation will discourage investors, you pay
high for land,labour, enegy etc.


A brief insight in Nigeria's oil and gas
model gives us a better outlook
The oil production of Nigeria stands at
2.37 million barrels of crude daily. Nigeria
get this crude in a JV (joint venture) with
IOC's (international oil companies) and the
Nigeria's cut stand btw 55% to 60% of the
lot, if we go by 60% then, that gives a
total of 1.4m barrels daily.If we average
the crude price from 2009 till date, the
price falls close to 100usd/bbl.In that case,
Nigeria makes 140,000,000usd daily from
this JV.
Nigeria has a policy called DSO (domestic
supply obligation) which mandates
250,000bbl/d of this crude to be refined
and consumed locally,In monetary terms,
the Nigerian govt is giving us
25,000,000usd worth of crude to refine.
Our three refineries at optimum capacity
utilizes about 450,000bbl/d which gives
45,000,000usd in monetary terms in other
words, the price of raw material in this
case, crude, accrued to our refineries
comes at 45m usd per day
, if you add refining cost and profit of 6usd
per bbl,The total cost becomes
270,000,000usd per day.There is no way
you can refine that crude at that price and
sell it 65naira/ l and make profit.
Meanwhile, once we mark out that 45m
usd worth of crude for our refineries
(assuming they are working at optimum
capacity), the govt has already lost 45m
usd from their 140m usd daily earnings
(which will affect budget implementation)
and after refining will still spend more
money to subsidize it to 65naira/ l
(you now understand why NNPC subsidizes
the products from our refineries)
With this analogy, you will agree with me
that if all our refineries are working
optimally, the govt will spend 3times our
present day subsidy to bring the pump
price down to 65naira/l .


So, for those of you clamoring for
refineries should be careful what you wish
for because there is no cheap crude for
you to refine.

I have argued abinitio that the sales of
other derivatives of crude will bring down
the cost of most sort PMS,DPK etc but
after doing some feasibility studies, i
realized i was dead wrong.


I further argued that to make cheaper
crude available for our refineries, the Govt
should reduce the price at which it is
supplied unfortunately, the senate
mandated the then GMD of Nnpc that the
DSO must be sold at international crude
price.
This i believe was proposed for the
following reasons:


1 the refineries are working below capacity
so what the heck does Nnpc use the crude
for?


2, there is a benchmark on crude price for
budget implementation.With these
reasons, any existing or yet to exist
refinery in Nigeria will get crude at a high
price and must need subsidy to sell at
65naira/ l, at this cross road, the then
GMD of Nnpc decided that all crude
should be exported and subsidy be paid on
imported products.


At this verge, i must reiterate here that
competition amongst importers will only
crash the profit margin but not cost
price.Even if every Nigerian becomes an
importer of pet. Prods, we can never
change the fact that crude in the int l
market is already expensive before thinking
of refined prod. So we must need subsidy
to make profit.

Before this issue of subsidizing petroleum
products can be addressed,You must have
the following at the back of your minds:

1, Nigeria pegs a benchmark on crude
prices to enable it implement budget. This
stands at 75usd/bbl. And this crude is sort
from the JV
.2, if crude price exceed the benchmark
above, Nigeria makes excess crude revenue
(ECR) 3, conversely, if we make excess
crude revenue, the price of subsidy on
refined products shoot up.With the above
analogy,
One can argue that the ECR be used to
subsidize imported petroleum products
since both are a function of each other
unfortunately in Nigeria, it comes with its
own challenges.
By law, the constitution clearly states that
all revenue accrued to the FG be shared
amongst the three tiers of Govt.This alone
makes it illegal for the FG to keep the ECR
to itself for whatever reason.
This is where the wahala started, during
GEJ's campaign, he astronomically
increased workers salary without
consulting the state Governors,most
Governors have refused to pay on the
grounds that they cannot afford it.
On that grounds Taraba, jigawa and some
other states have a genuine case.With the
above development, the states started
scrambling for funds and remembered the
ECR and insisted it must be shared to
enable them pay the new wage and
develop infrastructures.
you now understand why all state
governors are for subsidy removal
including the literally "one of us" comrade
Adams oshiomole, because they know it
will be shared just like the ECR


The way forward:


In the short run:


All unions must ensure the FG, must
consider these options,

1, identify and tackle the corruption and
incompetence prevalent in the subsidy
regime above. That will push down the cost
of the subsidy in the first place.Like i said
in April, no matter how sincere GEJ think
his administration is, he cannot make any
reasonable progress in the face of
corruption,


2, the power projects must come upstream
before removing subsidy, this will reduce
the demand on pet. Products to a very
great extent.


3, Nigeria must accommodate Gas export,
port duties and other forms of revenue in
their budget implementation policies.


4, Govt must never invest an extra kobo in
our moribund refineries, by doing
otherwise, the cost price of the refineries
will rise to an extent that it will no longer
be attractive to investors or will prolong
their repayment plan.Thereby making it
very capital intensive.


5, Instead of deceiving Nigerians with their
cabal bullshit and deluding them that they
don't benefit from this subsidy, the FG
should channel that propaganda with
intense lobbying to the senate,NLC and
civil society organizations to stop the state
governors from demanding for the ECR,
this can be achieved by the FG asking the
state to pay whatever increment they can
afford for the workers that way the ECR
will be used for subsidizing pet. Products.


In the long run:


Nigeria must seek local production
capacity.It is no longer news that Nnpc
and its subsidiaries have failed woefully in
meeting the needs of the Nigerian people.
Nnpc through its subsidiaries Npdc and
Ngc are saddled with the responsibility of
the above for oil and gas production
respectively, but as i write, the current
production of NPDC stands at a paltry
90,000bbl/ day which is a huge failure for
an agency set up 23yrs ago,

The IOC's has made us believe that it will
cost less than 12usd to extract 1bbl of our
oil.

The Management of NPDC must be
reshuffled and if possible experts brought
in on contract basis to improve NPDC's
production.These experts must be placed
on targets appraised by milestones. in
ogoni land for instance, Anglo dutch has a
lot of abandoned production facilities and
marginal wells and others scattered all over
the country, these can be bought by NPDC
with the money FG want to waste on
refineries to improve production,

If NPDC can extract oil at 12usd/bbl and
make a little profit, with this cheap oil
available, Nigeria will have no reason going
to the JV.

This cheap crude is what will attract investors to build refineries and create jobs against sanusi's pump price increase to attract investors and create another monster called INFLATION,
A 250,000bbl/d refinery will cost a little
above 5b usd, dangote alone can afford
two of those only if NPDC can guarantee
cheap oil. This is why no investor is coming
to build refineries.
A crude price of 18usd/bbl from NPDC will
guarantee pump price of less than 22naira
per litre of pms from these refineries.With
this plan,By the end of this Administration,
NPDC will have robust production capacity
and the refineries will guarantee steady
refined products.
These refineries shouldn't be operated by
the Govt for any reason.The FG will
generate revenue from both ends, export
of crude and export refined products and
the production of NPDC must be
increasing periodically.
this is necessary because Nigeria as a
member of OPEC has a limit to crude
export but we can earn more revenue from
petroleum products export.
Once the above takes effect, there won’t
be any need to be paying subsidy because
pump price will be around 23naira/ l and
inflation will reduce by 40‰.
Now, how competent is Allison Madueke
and iweala if they can’t figure this out?

To think of removing subsidy at this stage
where there is no electricity and high
corruption rate will be tantamount to
economic suicide.

I cant believe iweala and sanusi are using
trial and error approach to economic
solutions please try the next country or
preferably Haiti.

What iweala forgot is that in the face of
inflation, the cost of running Govt projects
will be high, All Govt contractors will
definitely come back for contract variations
or Abandon those projects.

As a sound economist, she should tell
Nigerians the value of 1.3 trillion naira
( she intends to save on subsidy removal)
in the face of 60% inflation and how many
projects Nigerians will benefit from the
subsidy removal.If you remove subsidy and
the money disappears, then it is a NO NO
for Nigerians.

Now, let us analyze possible solutions to
this economic quagmire.


I have a deal for iweala.


fight corruption and inefficiencies in the
subsidy regime and bring it down to
300billion for this year.

The management of Npdc must have a
target
of 150,000bbl/d by dec 2012.
on january 2013 subsidy will go by 50%
and by dec 2013 Npdc should guarantee
200,000bbl/d on

1st january 2014 subsidy must go 100%.
with or without the refineries on ground,
then if Nigerians are sacrificing, they will
know it has a
limit pending when refineries that will
utilize the cheap oil on ground arrives.

tell me what WE are sacrifising for today?
eternal slavery?

I and my generations cannot and will not
sacrifice for Govt's incompetence.

All unions should never accept partial
deregulation, it is more dangerous than
total deregulation because Nigeria hasn't a
price regulatory agency who ordinarily
should put the markets and commuters on
check.

Deregulation in the down stream sector is
not same as telecoms, we need structures
to support it which Nigeria have not got
unlike the later.

God bless you as you fight this battle for
mankind

Written by;

concerned oil and gas activists

i am no expert in the field but the little i know is that some fat cats in the nigerian beaurocracy must have been looking the other way while the oil majors just drill and add no value to the system. incase we dont know nigeria is actually a gas rich rather than oil rich nation. the gains of the gas reserves is just being skimmed by the lng project. common sence should have made it mandatory that since while drilling for oil will automatically yield billions of cubic litres of associated gas there should be a proviso of what plans with concrete time lines any coy that is interested has in the pipline. but no not in my country they just sign lopsided contracts. the oil coys get thier drill bits and heads into the ground , the oil flows and the abundant associated gas is flared wastefully. the amount of gas availlable can light up every house hold in west africa if harnessed properly. quote me.

on the compulsion to build refineries as part of the drilling contracts it is just an attempt at ensuring tha value is added to the system. a proviso that contracts are tied to building of refineries is good so that employment opportunities are generated bringing trickle down effects on the econonmy. it will also stimulate competition in the down stream sector which will improve service and pricing at the end of the day. you would have thought this should have been on the front burner all these years while our legislators wine and dine but nada it is nigeria my dear country they have more pressing issues of national interest to attend to.

somebody pls tell me my head is in the wrong place.

Reference:

Who gave them the billions to build power plants for themselves and the infrastructure to support their exploration activities. If they cannot comply with the conditions they should not bother to bid in the future. We own our resources not them and have a right to set whatever conditions we deem fit. The oil industry like many others is shifting east no longer to be dominated by Western Europe and North America. They should dismantle their refineries in Houston and send them down here or China will do the job like it did in Equitorial Guinea.

[size=14pt]
Bros you say oil exploration. I think you mean exploitation. These western corporations are abusing the privilege given them by Nigeria. They have messed up our waters (it affects every part of Nigeria), polluted the air (I dont mean fart  ) and have given absolutely nothing back in return. I fully support your call.If they fail to adhere, get them OUT, and get China IN.[/size]

Solozzo:

I think the key issue is admission that the govt is too corrupt and inept to run the refineries. The foreign oil producing companies have a track record of efficiency , and if they can run the refineries , good. The Fed. Govt may provide a large chunk of the initial capital and they can share profits on agreed terms. We also need to produce oil for local refining use , at a low rate than the exported one to make this a viable. The will eliminate importation of petroleum products.

If this succeeds then the lives of those who died at subsidy removal riots will not be in vain.

The bolded is a bit of a joke. The clause about coercing oil majors to build refineries is not new, in fact it is several years old.
We Nigerians for some peculiar reason, prefer to remain ignorant and to also act in ignorance; that is why the nation embacked on truly id!otic protests to remain slaves to the subsidy, whereas they should have been burning down the place for the PIB.

The PIB guarantees so much for Nigeria, it would multiply our earnings from the oil industry by a whopping 7 times. But the oil marketers and majors naturally see it as an impediment to their fraudulent cash and Nigerians being the ignorant beings that we are, took to the streets to fight on the side of the marketers! How crazy can things get? Sometimes you wonder!

rolchi:

My broda, it is just like saying "PIB to Compel the Nigerian Army to build refineries"! Will it succeed?

You sign a contract to drill oil. If you don't like the contract, you leave it; someone else will sign. Its that simple. The oil is ours.
I find it strange that fellow Nigerians should take up their time to promote ways for Shell and their likes to exploit and colonise us. It is a thoroughly disgraceful attitude.

Can someone tell jp philips not to post his long stories?

It's our oil and our country. If you don't like the contract terms, then get out. Simple!

efisher:

It's our oil and our country. If you don't like the contract terms, then get out. Simple!

As simple as that! Business is all about mutual benefits. Why should one side take all the gains ?

ekt_bear:

How is it possible to force them to build refineries?

Who will supply the billions of dollars to build the refineries?

Wetin concern producer of crude oil with refining of same?

They are entirely separate businesses.

May as well compel them to build roads, power plants, provide security, etc too

Gbammmm

efisher:

It's our oil and our country. If you don't like the contract terms, then get out. Simple!

LOL,

What terms are you talking about ? What if they decide not to build the refinary, what would happen ? Chase them out ?

Ok we chase them out, what happens next ?

fall back to square 1 which I have always predicted, the government would have to do it own refinaring herself isn't it?

Are we not back to square 1 now ?

Is that not why people asked the government to build her refinary before the removal of subsidy.

Na wa o

phreakabit:

As simple as that! Business is all about mutual benefits. Why should one side take all the gains ?

Yes correct and the benefit they are giving Nigeria is buying her oil and refining it for her.

If Britian can have BP

USA can have shell and chevorn

Saudi can have aramco

WHY CAN'T NIGERIA HAVE ONADO OR NNPC with her own refinary ? for crying out loud

Enough is Enough, they ve milk our resources for years , polluted our water. This is our resources , so we set the rules , if they don't like it they should go and let country like China comes in, Its high time all the so call western power starts to respect us. They ve taking us for ride for too long.

kim77:

Enough is Enough, they ve milk our resources for years , polluted our water. This is our resources , so we set the rules , if they don't like it they should go and let country like China comes in, Its high time all the so call western power starts to respect us. They ve taking us for ride for too long.

[size=14pt]And after you chase them out, what would you do ? drink your oil or what

people why not ask your government to build her refinary for his indigenous government oil company at least 1 so we have a bargaining power.

Why do we reason like this in Nigeria [/size]

alj harem:


LOL,  

What terms are you talking about ? What if they decide not to build the refinary, what would happen ? Chase them out ?

Ok we chase them out, what happens next ?

fall back to square 1 which I have always predicted, the government would have to do it own refinaring herself isn't it?

Are we not back to square 1 now ?

Is that not why people asked the government to build her refinary before the removal of subsidy.

Na wa o

You have always been the most myopic of the Lot. Ever heard about alternatives? China would be more than willing to do what is being requested if not more. As a mater of fact China and the western world are currently engaged in an underground tussle for Africa. Read more articles on international politics rather than being NL's official bigot champion.

efisher:

It's our oil and our country. If you don't like the contract terms, then get out. Simple!

I practically agree with you but NOT on this issue

your oil and your country, so build the damn refinery yourself

@oyb

Culled from ur signature

GEJ loves power and all its trappings. The only problem is that he doesn't seem to realise that power comes with responsibility and sacrifice. He thinks it all about posing for photographs, making empty promises, and flying around in presidential jet

And the same goes to all ex-Nigerian leaders who has been victims of your idiosyncrasy!

GEJ cannot be exceptional

phreakabit:

You have always been the most myopic of the Lot. Ever heard about alternatives? China would be more than willing to do what is being requested if not more. As a mater of fact China and the western world are currently engaged in an underground tussle for Africa. Read more articles on international politics rather than being NL's official bigot champion.

Talking about Mypoic views you are not better yourself.

How does the western world and china after common logic  

You see my friend simplicity is brilliance. Being open minded and view things for a simply point of view would make one find a solution to something not just be overly complicating things. That is why Nigeria is and would still remain under-develop until we wake up and do the right thing at the right time

Now wake up my brother. So according to you, once the shell and co leaves, Chinese companies would come and be the new over lord in the pretence of building our refinery right ?

Changing one master to the next is the New game plan ?

Why not free yourself and acquire wealth yourself that would rival that of China and the western world

Our people say

It is only an fool that would keep buying pounded yam when he has yam himself at home.

Maybe it is high time Nigerians start engaging in thinking.

Ranks007:

@oyb

Culled from ur signature

GEJ loves power and all its trappings. The only problem is that he doesn't seem to realise that power comes with responsibility and sacrifice. He thinks it all about posing for photographs, making empty promises, and flying around in presidential jet

And the same goes to all ex-Nigerian leaders who has been victims of your idiosyncrasy!

GEJ cannot be exceptional

dude, your hatted monkey asked if we wanted fresh air in nigeria. those of us knocking him knew the only thing we would get fro him was a pit latrine, even though muppets like you spammed this board like the man was the second coming try again, and stay ontopic

oyb:

[size=14pt]your oil and your country, so build the damn refinery yourself [/size]

Gbaammmmm thank you. so atleast they can shut up

we cannot build our own oil company

If Britian can have BP

USA can have shell and chevorn

Saudi can have aramco

WHY CAN'T NIGERIA HAVE ONADO OR NNPC with her own refinary ? for crying out loud

oyb:

dude, your hatted monkey asked if we wanted fresh air in nigeria. those of us knocking him knew the only thing we would get fro him was a pit latrine, even though muppets like you spammed this board like the man was the second coming try again, and stay ontopic

More to this the Fresh air he emitted was contaminated by evil minded people like you somewhere on our map. They didn't like him from the onset just like you did and even do today. A product of a failed government who later inherited it, it's still as good as blaming Obama for America's woos.

Please can you tell me one good Nigerian government you voted for, since you good at prognostication?

Knowledge is eminent but wisdom isn't?

oyb:

dude, your hatted monkey asked if we wanted fresh air in nigeria. those of us knocking him knew the only thing we would get fro him was a pit latrine, even though muppets like you spammed this board like the man was the second coming try again, and stay ontopic

HMMMN, oya close your laptop and face front.