Nigeria signed a memorandum of understanding on Monday with Vulcan Petroleum Resources for a $4.5 billion project to build six refineries with a combined 180,000 barrel a day capacity, officials said on Wednesday.
Vulcan, an affiliate of New York-based private equity firm Vulcan Capital Corp, aimed to have two of the refineries finished in under a year, they said.

Nigeria is Africa's top crude oil producer but its refineries are in such a state of disrepair that they meet only a fraction of its domestic fuel needs. Its crude is shipped out and costly refined products imported.
"The project is estimated to gulp 697.5bn naira, while two of the refineries are expected to be completed within the next 12 months," Yemi Kolapo, spokeswoman for the trade ministry, said in a statement.
"Each modular refinery, when completed, will refine up to 30,000 barrels of crude oil per day and produce up to five million litres of petrol, diesel, kerosene and LPFO (liquid petroleum fuel oil)."

Nigeria's existing plants have a total capacity of 445,000 barrels per day, but are running at less than three-quarters of that capacity.
Chief Edozie Njoku, chairman of Petroleum Refining and Strategic Reserve, Vulcan's partner in the joint venture, told Reuters by phone the aim was to distribute the sites in different regions of Nigeria.
"We have to look at where the crude pipelines are. We need to plant them so that everyone is favoured, but in the north the pipelines only go to Kaduna (in central Nigeria)," he said.
"Two of them are going to be finished in about a year. It's not rocket science - to have all six ready should take about 30 months," he added.
Nigeria has two refineries in its main oil-hub Port Harcourt and one each in the Niger Delta town of Warri and in Kaduna.

Some Nigerians are sceptical about building more refineries when existing ones are under capacity, but Njoku dismissed this.
"The refineries already in Nigeria are on their last legs. They will cost the country millions to turn around. Nigeria needs new refineries," he said.
A lot of MoUs are signed with Nigerian authorities that go nowhere, but Njoku said he was confident the projects would happen.
"The only thing we need for this to be done is our permits from the government ... They have shown enough honesty that they want these refineries to be built," he said.

http://news.yahoo.com/nigeria-signs-4-5-bln-refineries-deal-vulcan-055546041--sector.html

^^^ SSSSSSSSssssssssssssssssssssssssshhhhhhhhhhhhhhhhhh !!!!


Were you born yesterday?

emiye: ^^^ SSSSSSSSssssssssssssssssssssssssshhhhhhhhhhhhhhhhhh !!!!


Were you born yesterday?

y

ar u asking why ? ar u one of the blind apologists ?

News like this are not new in public domain . MOU signing , foundation laying, bla bla bla ........


Check this out in 2002, when Obj was president and Jonathan was deputy governor
http://tonweirefinery.com/obasanjo_lays_foundation_stone_of_private_refinery_in_bayelsa.htm

Obasanjo Lays Foundation Stone of Private Refinery in Bayelsa
Published by:
This Day (Lagos)
October 22, 2002
Posted to the web October 22, 2002
Lagos

NNPC Kupolokun delivering message from the president of Nigeria
President Olusegun Oba-sanjo at the weekend laid the foundation stone of the country's first privately-owned refinery, at Agge in Bayelsa.
Obasanjo, who was represented by Mr Funsho Kupolokun, his special assistant on petroleum, said that the establishment of private refineries in the country had the capacity to inject massive funds into the economy.

The president said that the setting up of the TONWEI™ refinery would end product scarcity in the immediate community and its environs, just as it would also facilitate the springing up of ancilliary industries.
According to him, "when TONWEI™ refinery becomes operational and even during the construction stage, it would generate hundreds of employment opportunities for Nigerians, including people in the local community."
Obasanjo said that in opting for the liberalisation of the oil industry, his administration intended to rid the sector of monopoly in the supply and distribution chains.
He said that the aim was to encourage private individuals and corporate bodies with the wherewithal and the technical capability to invest in the petroleum sector, so that with time the problems associated with the industry would be solved.
Against this backdrop, Obasanjo said that all the barriers hindering the entry of new investors into the oil sector were to be removed.
The president advised the promoters of the proposed refinery to spare no efforts in ensuring that it comes on stream on schedule.
Deputy Senate President, Ibrahim Mantu, who was the chairman on the occasion, described the project as a dividend of democracy, which according to him will transform the landscape of Agge.
Mantu called on the people to see the project as theirs, as it is owned by their son.
The Chairman of the Board of Directors of the refinery, Timi George Tongubor, said that the project would cost 1.5 billion dollars.
Bayelsa Governor, Dr Goodluck Jonathan, who represented Gov. Diepreye Alamieyeseigha, said that the project would create employment opportunities for the people.

HOW MANY BARRELLS OF OIL IS BEING REFINED TODAY IN THE REFINERY IN BAYELSA STATE TEN YEARS AFTER?

Another of such shit two years ago May 2010, When Jonathan was president

http://www.thenigerianvoice.com/nvnews/23650/1/nnpc-chinese-firm-to-build-285bn-greenfield-refine.html

NNPC, CHINESE FIRM TO BUILD $28.5BN GREENFIELD REFINERIES
By NBF NEWS


A Greenfield refinery
The Nigerian National Petroleum Corporation and the China State Construction and Engineering Corporation Limited on Thursday signed a Memorandum of Understanding to raise $28.5bn for the construction of three new Greenfield refineries and a petrochemical complex in different locations in Nigeria.

A Greenfield refinery is one that is low in carbon emissions, almost to zero level, and complies with the new clamour for environmentally-friendly infrastructure in line with the Kyoto protocol.

The projects will be executed under a Contractor Financing and Supplier Credits scheme from the China Export and Credit Insurance Corporation and a consortium of Chinese banks.

One of the refineries will be sited in Lekki, Lagos, while another plant will be located close to the Brass Liquefied Natural Gas in Bayelsa State so that it can leverage on the feed stock that will be produced by Brass LNG and other industries that will be co-located there.

The third one will take advantage of the dredging of the River Niger at Lokoja, Kogi State.

However, the search is still on for a suitable location for the petrochemical complex along the National Gas Corridor, based on the Nigeria Gas Master Plan.

The interest of the CSCEC in the project is to expand its presence on the African continent and establish its footprint firmly on the growing Nigerian oil and gas landscape, according to the Vice-President, Overseas Operations of the company, Mr. Yu Zhende.

The Group Managing Director, NNPC, Mr. Shehu Ladan, expressed hope that the project would stem the flood of imported refined products into the country, currently estimated at $10bn annually.

He further explained that on completion, the three Greenfield refineries would have 750,000 barrels of crude oil per day refining capacity and position NNPC to engage profitably in the international trading of refined petroleum products.

Similarly, the proposed petrochemical complex will source natural gas from the Nigerian Gas Master Plan corridor to produce polymers, solvents and gas-based fertilizers to boost agricultural production.

According to the GMD, 'The China State Construction and Engineering Corporation will build the plants with loans it will raise from China; 100 per cent of the loan.

'They will take 80 per cent of the share and we will take 20 per cent and all the conditions will be agreed upon.'

On differences that would exist in the management structure of the new plants from the existing refineries, Ladan stressed that the current plants were owned by the Federal Government and being operated by NNPC on behalf of the government.

He said that the Federal Government would not have shares in the proposed plants, but NNPC would buy into them with its own funds.

He said, 'The entire budget will be funded by loans sourced by the Chinese partners, so the terms of the loans will be spelt out and the payment period.

'And they will operate the plants together with us. It is only when we pay back the loans after some years that we can perhaps talk about taking over the interest of the construction companies.'

On the timelines for completing the plants, Ladan said plans were afoot to start the first refinery this year and complete it within five years.

He explained that raising the loan would take time, saying the funds could be available, but the terms of agreement would have to be negotiated.

The GMD further explained that with the size of Nigeria, its growing population and sophistication, it was likely that the three planned refineries might not be able to satisfy local consumption very soon.

He said, 'We should also be looking outward to export. Nigeria should be exporting refined petroleum across the West African sub-region and other countries.

'Our dream will be that one day, we will have export oriented refineries and as we locate them at various parts of the county, other state governments will also be called upon to join.

'It is not like we are closing the door of participation to other state governments.'

The GMD also highlighted the technical capability of CSCEC, noting that it was currently ranked as the sixth largest engineering and construction company in the world.

HOW MANY BARRELS OF OIL IS BEING REFINED FROM SUCH REFINERIES, OVER 2 YEARS AFTER? [b][/b]

How do you want them to invest with the subsidy regime still in place? Oga, wake up from ur slumber there is no free meal even in freetown

Does the so called "Vulcan petroleum resources ltd" even exist? How can a company that doesnt even have a website be involved in a $4.5bn contract? GEJ and PDP are nothing but a league of Bastard criminals.