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Nigeria Signs A Mou With US Firm For A $4.5bn Project To Build 6 Refineries - Politics - Nairaland

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Nigeria Signs A Mou With US Firm For A $4.5bn Project To Build 6 Refineries by billante(m): 7:58pm On Jul 02, 2012
WorldStage Newsonline-- The Federal Government of Nigeria on Monday signed a $4.5 billion (about
N698 billion) Memorandum of Understanding with a consortium of local and foreign companies for the
construction of six modular refineries in the country.
When operational, the refineries will have a combined capacity to refine 180, 000 barrels of crude oil in-
country and produce up to 30 million litres per day of refined products within 30 months. Two of the
refineries will be completed within the next one year with prospects of adding about 10 million litres to
local refining capacity for Petrol, Diesel, Kerosine and Low Pour Fuel Oil (LPFO) products.
At the formal signing of the MOU in Abuja, the Minister of Trade and Investment, Mr. Olusegun Aganga,
described the deal as one of the direct results of the investment attraction component of the ongoing
government’s transformation agenda, adding that the Ministry in collaboration with the Nigerian National
Petroleum Corporation would provide all the necessary policy framework and technical supports to the
Consortium to ensure the actualisation of the projects
The Minister said, “This is a historic moment and a big step for us as a country. Apart from power, one of
the critical areas which President Goodluck Jonathan has made a priority is to have functional refineries.
My understanding is that by the time the whole project is completed, the cost is estimated at about
$4.5bn.
“This is the beginning of changing our old paradigm from exporting just raw materials and exporting jobs
to the Western countries. This is something that we have done as a country for so long time. There is no
nation that has moved from being a poor nation to a rich one by exporting raw materials without having
a vibrant industrial base. That is what we have to change for us to be a rich nation, and that is what of
National Industrial Revolution Plan is based on”, he added.
In his remarks at the ceremony, the Chairman of Petroleum Refining and Strategic Reserve Limited, Chief
Edozie Njoku, said that the company would work with its foreign technical partner and the regulatory
authorities to ensure the successful completion of the project within the timeframe.
The Vice-President/Director, Vulcan Petroleum Resources Limited, Jim Mansfield, said the investment was
a testimony that “Nigeria is a good place to do business”, adding that “the funding for the project will
be a non-Nigeria source and is from investors who firmly believe that Nigeria is a good place to do
business .We also believe that Nigeria is open for business,” he said.
According to the terms of the MOU, it will take approximately six months to construct each refinery in the
USA , one month to test and dismantle the refinery for shipping ; one month to commence shipment of
the refinery complex to Nigeria; followed by four-five months to re-assemble the refinery in Nigeria and
commence full production


worldstagegroup.com/worldstagenew/index.php?active=news&newscid=5231&catid=26

And the transformation agenda continues!!
Re: Nigeria Signs A Mou With US Firm For A $4.5bn Project To Build 6 Refineries by wildorchid(f): 8:32pm On Jul 02, 2012
I hate that word "MOU"
Re: Nigeria Signs A Mou With US Firm For A $4.5bn Project To Build 6 Refineries by Nobody: 8:43pm On Jul 02, 2012
The Vice-President/Director, Vulcan Petroleum Resources Limited, Jim Mansfield, said the investment was
a testimony that “Nigeria is a good place to do business”, adding that “the funding for the project will
be a non-Nigeria source and is from investors who firmly believe that Nigeria is a good place to do
business .We also believe that Nigeria is open for business,” he said.
According to the terms of the MOU, it will take approximately six months to construct each refinery in the
USA , one month to test and dismantle the refinery for shipping ; one month to commence shipment of
the refinery complex to Nigeria; followed by four-five months to re-assemble the refinery in Nigeria and
commence full production

i have googled vulcan petroleum resources, and the company does not appear to exist

meanwhile, how far with the previously touted upgrade of ph refinery?
Re: Nigeria Signs A Mou With US Firm For A $4.5bn Project To Build 6 Refineries by Repubocrat(m): 9:50pm On Jul 02, 2012
wildorchid: I hate that word "MOU"

Same here. grin
Re: Nigeria Signs A Mou With US Firm For A $4.5bn Project To Build 6 Refineries by karlmax2: 11:20pm On Jul 02, 2012
oyb:

i have googled vulcan petroleum resources, and the company does not appear to exist

meanwhile, how far with the previously touted upgrade of ph refinery?
the two companies are Vulcan Energy Corp. and Petroleum Refining and Strategic Reserve Ltd.so google vulcan energy corp Ʊ will get there details here is a link bloomberg report of the Mou http://mobile.bloomberg.com/news/2012-07-02/nigeria-vulcan-to-build-new-refineries-in-4-5-billion-accord.html
Re: Nigeria Signs A Mou With US Firm For A $4.5bn Project To Build 6 Refineries by omosexy1: 11:23pm On Jul 02, 2012
We don't need this kind of news. Build the refineries then tell the whole world
Re: Nigeria Signs A Mou With US Firm For A $4.5bn Project To Build 6 Refineries by Diasporajohn: 5:44pm On Jul 03, 2012
VULCAN AGAIN!!! OMG!!! I MEAN REALLY NIGERIA, REALLY?

Whoever is responsible for conducting due diligence at the Ministry of Trade and Investment should be sacked immediately for not steering its minister, Olusegun Aganga, clear of this disaster in the making.

I can guarantee with absolute certainty that not one refinery will be built in Nigeria by Vulcan Energy.

Minister Aganga reverse course, save your name, character and integrity as well as future embarrassment to Nigeria. I draw your attention to two articles posted on the web among the several post concerning Vulcan Energy and it’s personal.

The first is titled ‘A WHITE MAN BEHAVING UNRULY IN ABUJA’ concerning Jim Mansfield who signed the MOU on behalf of Vulcan Energy. Please see:

http://n2nnews.com/2011/08/24/a-white-man-behaving-unruly-in-abuja/

The second article is titled ‘FAITH’S CHICKENS’. Please see:

http://subsaharanintel..com/2011/01/faiths-chickens-story-of-fraud-and.html

I have observed several published articles concerning the signing of this MOU confusing a firm founded by Microsoft’s Paul Allan which shares a similar name, Vulcan Energy, with the Nigerian Vulcan Energy. They are NOT the same, I can assure you that Mr. Allan would have nothing to do with the likes of Jim Mansfield.

YOU HAVE BEEN DULY NOTIFIED AND WARNED; SO NOW ACT APPROPRIATELY!!!
Re: Nigeria Signs A Mou With US Firm For A $4.5bn Project To Build 6 Refineries by Arosa(m): 5:53pm On Jul 03, 2012
^^^^ grin grin grin grin grin
Re: Nigeria Signs A Mou With US Firm For A $4.5bn Project To Build 6 Refineries by Kobojunkie: 4:14pm On Jul 27, 2012
grin

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