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NNPC To Borrow $500 Million To Fix Refineries - Politics - Nairaland

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NNPC To Borrow $500 Million To Fix Refineries by emamos: 2:30pm On Nov 08, 2015
The Nigerian National Petroleum Corporation, NNPC, has said that it has finalized plans to get external funds of $500 million to get Nigeria’s refineries working at optimal capacity.
Group Managing Director, GMD, of the Corporation, Dr Ibe Kachikwu, disclosed this while speaking as a guest speaker at a luncheon organised by The Petroleum Club Lagos.
Dr Ibe Kachikwu said this decision was in line with the transformation of the NNPC to become an autonomous business venture and that the borrowed funds are to be repaid over the next seven to nine years
He reiterated his vision commitment to make NNPC a profitable company, and in order to accomplish this target, he has adopted some measures including the un-bundling of the corporation, cancellation of offshore processing agreement, OPA, crude swap and other unprofitable business models.
He also said two of the refineries would be shut down for eight to nine months for quick repairs, while the remaining, which are better in shape would be used to supplement imports. They would be shut down after the other two are back on stream.
“From 2016, we (NNPC) will have a budget and work within the budget. There will be no arbitrary deductions from the corporation’s revenues because it belongs to the government. Other important projects and activities not covered by the budget, the corporation will seek external funds like any other company, which it will repay. We have made our books open and transparent. Our accounts will be audited, and financial organizations that lend would be able to know the state of the company and basis for which they will lend,”
Dr Ibe Kachikwu also stated that 85 per cent of NNPC losses come from PPMC because of vandalism, community issues and connivance of some of the staff with the perpetrators of the crime.
To check the wanton development, Dr Ibe Kachikwu said he has moved the depot managers in PPMC and has stopped pumping of products in the night. He then disclosed that products are now pumped during the day.http://www.thebreakingtimes.com/nnpc-to-borrow-500-million-to-fix-refineries/
Re: NNPC To Borrow $500 Million To Fix Refineries by emamos: 2:30pm On Nov 08, 2015
sorry @ introvert... Q behind me
.
Re: NNPC To Borrow $500 Million To Fix Refineries by INTROVERT(f): 2:30pm On Nov 08, 2015
interesting
Re: NNPC To Borrow $500 Million To Fix Refineries by LordMecuzy(m): 2:32pm On Nov 08, 2015
Fix them through any means...

Most of our graduate Engineers are jobless

We are tired of the oil cabals holding poor Nigerians to ransom in for of subsidy and scarcity
Re: NNPC To Borrow $500 Million To Fix Refineries by LOVEGINO(m): 2:32pm On Nov 08, 2015
TSA is working
Re: NNPC To Borrow $500 Million To Fix Refineries by Twill92: 2:32pm On Nov 08, 2015
INTROVERT!!! ur juju no be naija made sha
Re: NNPC To Borrow $500 Million To Fix Refineries by Mega005(m): 2:34pm On Nov 08, 2015
GEJ at work
Re: NNPC To Borrow $500 Million To Fix Refineries by Mega005(m): 2:36pm On Nov 08, 2015
Jonathaaaaan ooo u no go finish us for naija
Re: NNPC To Borrow $500 Million To Fix Refineries by emamos: 2:36pm On Nov 08, 2015
cc:lalasticlala,ur attention is needed
Re: NNPC To Borrow $500 Million To Fix Refineries by Trut(m): 2:39pm On Nov 08, 2015
When Janjaweeeds is in Govt undecided
Re: NNPC To Borrow $500 Million To Fix Refineries by boboLIL(m): 2:41pm On Nov 08, 2015
Happy birthday to me..... Guys appreciate me.... Its only God that can do it....today is my day
Re: NNPC To Borrow $500 Million To Fix Refineries by ERAKAMUS: 2:51pm On Nov 08, 2015
Bull.ari wife can pay tha cash, They should please meet her.

1 Like

Re: NNPC To Borrow $500 Million To Fix Refineries by emamos: 2:58pm On Nov 08, 2015
boboLIL
Happy birthday to me..... Guys appreciate me.... Its only God that can do it....today is my day
^^
y dis on evry thread. Alaseju
Re: NNPC To Borrow $500 Million To Fix Refineries by boboLIL(m): 3:02pm On Nov 08, 2015
emamos:

^^
cos its my day so I don't nid to calm down... Its once in a year...... Tnx
Re: NNPC To Borrow $500 Million To Fix Refineries by femimailbox(m): 3:02pm On Nov 08, 2015
Good move
Re: NNPC To Borrow $500 Million To Fix Refineries by TechWalker007: 3:04pm On Nov 08, 2015
Just a few weeks after Buhari go into office, we were told the refineries and especially PH refinery will start producing at almost full capacity.
Few months later we're told they need money to repair the same refineries.
What happened to Body Language?
Re: NNPC To Borrow $500 Million To Fix Refineries by Emekamex(m): 3:05pm On Nov 08, 2015
FG fixing refineries since 20BC - Socrates

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