The Group Managing Director, Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, has said that state-owned refineries would make direct payments into the federation account from 2016. The refineries are subsidiaries of the NNPC, which is the body expected to make the payments. However, according to a report by The Cable, Kachikwu said the NNPC was adopting a plan that would give the refineries some sort of autonomy, without privatising them. In a statement by Ohi Alegbe, the corporation’s spokesperson, Kachikwu was quoted as saying high level discussions were underway with local and international investors to bridge funding gap in the sector. Kachikwu said, “The new model is that refineries would now buy their own crude oil, refine it and make remittances to the federation account allocation committee. “They would operate a semi autonomy system that would enable them to run in a profitable manner.” The statement expressed the federal government’s readiness to raise funds from international investors and the private sector in 2016 to fund the joint venture cash calls between the NNPC and international oil companies operating in the country. Kachikwu said the initiative was geared towards preventing the government from bearing the burden of funding capital intensive projects in the upstream sector of the oil and gas industry. The minister assured that the NNPC’s over 5000 km of pipelines across the country would be privatised in order to enhance efficient management of the infrastructure and bring pipeline vandalism to the barest minimum. According to him, in another 24 months, Nigerians would see a positive change in the refinery model, to meet needs not only in Nigeria but in the West African sub region. Speaking on the December deadline for the refineries, Kachikwu said the reports before him showed that, two of the refineries were likely to meet the deadline.


www.punchng.com/refineries-to-pay-into-federation-account-from-2016-kachikwu/

We need practical results in the oil sector. Nigeria with abundant resources should not be struggling.We need practical people, hands on deck to deliver expectation for the people of Nigeria. We want to see practical difference in this new administration. Long live the new president. Please keep your promises.

GOD BLESS NIGERIA.

which refinery?

According to him, in another 24 months, Nigerians would see a positive change in the refinery model, to meet needs not only in Nigeria but in the West African sub region. Speaking on the December deadline for the refineries, Kachikwu said the reports before him showed that, two of the refineries were likely to meet the deadline.

Precisely the kind of stories I want to be hearing.
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Thinking Export is the key to conserving/increasing our foreign reserves and creating local employment. The refineries need to operate like profit centres with revenue targets instead of the scam we call TAM every year.

Enough of exporting jobs through senseless importations.

With this kind of approach, NNPC will not only be able to return to profitability but also meet local demand very soon.

Hope this wouldn't affect them in anyway...

uwa1:
Hope this wouldn't affect them in anyway...

Fear not son

Wailers , wail at your own peril!

It helps a lot in nation capacity building.

That's a good one....

Sounds good to me. Minister Bling Bling Shades is getting it done!

So all dis while dey havnt been paying?
Choi!

Big ups to the Minister.

ok

Great...when the new bosses of NNPC unbundled companies resume work, our monies would be intact.

Good job PMB and Ibe Kachukwu, PhD

NNPC is changing....

Good move
Good move by the govt.


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Wadup

it is well, i believe in allah, i trust in gmb/pyo, i believe nigerian will rise again positively, i love my country, goodmorning nairalanderz

all about oil money

smh

Ok

Good

I ought to fold ma arms watching the river flowing




Thts not ma business since tenkobo is not geetint into ma account

Bevista:
Precisely the kind of stories I want to be hearing. Thinking Export is the key to conserving/increasing our foreign reserves and creating local employment. The refineries need to operate like profit centres with revenue targets instead of the scam we call TAM every year.

Enough of exporting jobs through senseless importations.

Al-Baqara : 28

كَيْفَ تَكْفُرُونَ بِاللَّهِ وَكُنتُمْ أَمْوٰتًا فَأَحْيٰكُمْ ۖ ثُمَّ يُمِيتُكُمْ ثُمَّ يُحْيِيكُمْ ثُمَّ إِلَيْهِ تُرْجَعُونَ

How can you disbelieve in Allah when you were lifeless and He brought you to life; then He will cause you to die, then He will bring you [back] to life, and then to Him you will be returned.

At least diz will ensure proper utilization of oyel money.

In the fullness of time, we will thank God we voted Buhari.

Acting according to former administration's script

Ok

This is a very good development...