http://www.thisdayonline.com/nview.php?id=159697     http://allafrica.com/stories/200911130003.html

Investment in the downstream sector, particularly in refinery projects, is now the condition for issuance and renewal of concessions and oil licences to International Oil Companies (IOCs) in Nigeria.

Director of the Directorate of Petroleum Resources (DPR), Mr. Billy Agha, who disclosed this at a quarterly media briefing in Lagos yesterday, said Federal Government has directed that companies that fail to meet the fresh condition will not be issued with oil licences and will also not have their concession renewed.

Licences issued in 1968 expired after the 40-year lease on the oil blocks last year, but the government renewed the licences for one more year. They will soon be up for another renewal.

"Before any company will henceforth get its concession renewed, it has to invest in downstream projects and we want this to be in refinery project," he said.

Agha who lamented the poor state of the four refineries in Nigeria stated that at the moment all the refineries are "dead".

He put the combined average performance of the refineries during the period under review at 6.66 per cent, while the average crude oil received was 3,403,432bbls.

He also disclosed that the total crude oil production for the third quarter of 2009 was 214.6 million barrels, at an average daily rate of 2.333 million barrels per day.

Giving further breakdown, he said the July average was 2,260,224 bpd. In August, it was 2,280,197 bpd, while that of September was 2,462,516bpd.

He also revealed that the nation's crude oil reserve has hit 38.6 mostly from the deep offshore.

"As at January 1, 2009, the nation's oil reserves was at 33.41 billion barrels of oil, condensate reserves was 5.20 billion barrels (38.61mmb). There is an observed net increase of oil reserves of 480 million barrels against January 2008 Reserves, representing about 1.46 per cent increase. The increase is noticeable mostly in Production Sharing Contracts (PSC) Assets in the Deep Offshore areas," he said.

Agha said owing to the inclusion of condensate, the country currently produces over 2.2 million as against the 1.67 million barrels per day imposed by the Organisation of Petroleum Exporting Countries (OPEC).

The DPR boss also disclosed that production deferment for the third quarter of 2009 was as follows: June, 634,371bpd, July, 827,517bpd, and August 2009: 893,523 Barrels per day. The deferments, he explained, were as a result of the Niger Delta crisis and other operational problems.

In terms of revenue generation, he said the agency remitted about N312 billion to the Federation Account during the said period.

Meanwhile, President Umaru Musa Yar'Adua has directed the government team to step up consultations with Labour and other stakeholders to ensure that the issue of deregulation of the downstream sector of the oil industry is amicably resolved.

The Group Managing Director of the Nigerian Natio-nal Petroleum Corporation, Dr. Mohammed Sanusi Barkindo, who spoke to journalists yesterday, said the corporation was pushing for the granting of financial independence to the four petroleum refineries as a means of guaranteeing efficiency and viability of the companies.

Barkindo said consultations on deregulation were continuing as directed by Yar'Adua, just as steady progress was being made on several issues.

Speaking on the protracted talks between government and the Nigeria Labour Congress (NLC) and its allies, Barkindo said the president had given his word that negotiations must continue until the matter was amicably resolved and that government would not take any unilateral action to impose deregulation.

"Consultations have been going as directed by Mr. President because he does not believe in unilateral action," he said.

He described the negotiations as very important and critical to the country's national development aspiration.


"I also want to add my own voice to say that Nigerians should take note of the consultations that has been going on between government team and all the stakeholders because good governance is about consultation in decision making devoid of unilateral actions. We believe in collective decision and I believe that the decision that will be arrived at will be in the larger interest of Nigerians," he said.

Barkindo said it is particularly noteworthy the constructive and mature manner in which the labour team has handled its submissions.

"I want to use this opportunity to state that the ongoing consultation between labour and government on deregulation is not deadlocked. The NLC has accommodated our key requests and we have also taken into account their very valid concerns.

"We welcome their setting-up of a 10-man committee under the leadership of the Deputy President of the NLC Comrade Peter Adeyemi to continue with this dialogue and consultation during and after the deregulation," Barkindo stated.

Responses of Nigerians

FG: Oil Companies Must Build Refineries
By Chika Amanze-Nwachuku in Lagos and Onyebuchi Ezigbo in Abuja, 11.13.2009

COMMENTS
Mohammed Abubakar UK
11.16.2009 01:07
Wow. Now we are talking Mr. President. This is a very good policy development. This is what we want to see, policies that have the nigerian citizenry and the nation at its heart. This will lead to the creation of employment opportuniies and also lead to the industrialisation of Nigeria. I wish you success. God Bless Nigeria and Nigerians.


Ola
11.15.2009 17:22
Great job Mr president and good follower, except PDP leader.

Great job, AC and other parties,

I will make sure i campagn against PDP till the last breath in me,  I am sorry Mr president and his good team mate but and others {NIGERIANS} are tired of PDP ruling us so PDP MUST GO,  I LOVE YOU MR PRESIDENT PLEASE BEAR WITH ME.

Joseph Davies
11.15.2009 08:14
GREAT!!! That’s it. If implemented to the letter, it definitely would have a multiplier effect that will expedite the MDGs.
Knowledge + Vision + Productivity = A Durable Legacy of the Yar Adua’s administration…

Barka, Mr. President.

The Founder’s Desk, NCCIJ


tonyaloz
11.15.2009 03:11
Some intelligent people are now running the Nigerian project I guess. The interest of Nigeria first always.
Prof. Victor A. Obajuluwa, PT, PhD (USA)
11.14.2009 07:10
This is a good policy prescription. However, the implemention is another story altogether. While the oil companies must be encouraged or forced to build as many refineries as possible, that may not be enough to sustain Nigeria as we leap into the ever-changing technological realities of the future - to prevent the looming disaster of global warming and environmental degradation.

The modern trend of future planning for sustainable development that has taken hold here in the USA is energy sustennance by diversification into energy sources that do not rely solely on burning fossil fuel with the unpleasant consequences of carbon dioxide greenhouse emission. The new trend? New investments in solar, hydro and wind power that could be natural sources of energy while gradually phasing out the total reliance on fossil fuels.

In addition, new electric/gas hybrid, pure electric, and pure hydrogen reliant autombiles are now the trend. Nigeria should concentrate more on looking forward rather than backwards. While a few glances backwards may help us to go straight into the future without tripping or falling, it should not be all we do as is the practice at all levels of policy prescription at present. May God bless us with leaders that are blessed with the discerning Spirit of God Almighty. Amen.


Hon. (Ms.) Tomi Soboyejo
11.14.2009 04:23
\"What does it take for Nigeria to link petroleum refinery development to crude oil lifting by the (brazen-faced) oil exploitation companies.\" For continued oil lifting of Bleep million barrels, every 3-5 years, the oil companies should each build petroleum refinery of say 100,000 b/d, on the same basis of JV as they do JV for crude production with NNPC (or whatever it is called now). Libya does that and now has many petroleum and petrochemical facilities selling finished products to Europe. Refined products are locally guaranteed, and employment too. Their citizens and professionals stay in the country. There are so many Nigerians from Alberta-Canada, working in Libya. In the case of Venezuela, President Chaves has embarked on 100% nationalization of the industry, yet the Shell, Chevron, Exxon, are still there saying \'yes sir to him\'. Am glad for the new direction. Tomi Soboyejo; a former member of Federal House of Reps.


Mikky
11.13.2009 22:37
I admire this initiative, however, the statement says that currently the refineries are \"dead\", meaning they were alive once but maintenance was not carried out, hence their death. Oil companies might invest in the refineries, but the maintenance of the refineries is what is paramount. Will they be dead again in the near future? What is in place to ensure regular and sustained maintenance? Would it be government funding or would a special tax be levied e.g introduction of a refinery developement tax as we currently have education tax and information technology tax. Government should plan ahead, it is not just setting up these necessary infrastructure, their maintenance which assists the durability is as well important.


Sunday Ayinmoro
11.13.2009 22:01
We have this option of making it a mandate for International Oil Companies to invest in the downstream sector, why did it take complete three decades for someone to even think of it?
Now that they have made it a condition, how soon will they build those refineries? These IOCs and their collaborators will continue to milk our commonwealth until resource creator, God, we make them pay painfully though.

adrian
11.13.2009 21:18
This is a welcome development. How come nobody thought of this before now?! The international oil companies have had a free-lunch spree all these years and it\'s time to put paid to that. No government, especially one that has been tested and failed woefully in the last 30 or so years to take us to uhuruland should be involved in business; their involvement at best should be regulatory. The government of President Yar\'Adua should level the playing field and watch Nigerians turn the economy around. Nobody should be afraid of deregulation of any sector; that is indeed the panacea for our long suffered migrain which cannot be cured by any alabukun or BC powder. Look at the gains in the telecom sector. Again, consider the recent declaration that construction in Nigeria is to become the world\'s fastest growing: only a \'fool\' would not see the inherent opportunities, what with the role construction plays in economic growth and development and the \'trickle-down\' effect it guarantees. Even football (soccer) is another gold mine which we overlook. Our Eaglets are set to make more history come Sunday, what will happen to the young players that fail to make it to top clubsides in the world? My guess is that they might fizzle out for want of a strong and organized local league to fall back on to be later \'sold\' for the benefit of the player, local clubside and country. We can do this! We have the \'can-do\' spirit and we are strategically placed in the African continent to be the darling bride of international business. Let us join hands and make this happen. Ya gazie!

GIDEON OGBEIDE U S A
11.13.2009 21:06
Now the Yar\'Ardua Administration is doing what ought to have been the principle of the oil mining in Nigeria since more that 40 years ago. Nigeria will now creat the largest employment in this industry to tone of million jobs.
The petrochemical subs of this industry alone will keep Nigeria in full employment level. Crime rate will drop dramatically.
Standard of living on aggregate will improve and the giant of Africa will take a giant step. This principle could be extended into other industries.
this talk must be put into action by the National Assembly as an Act of Congress.

Ola
11.13.2009 18:57
Seems the Nigeria Govt. is waking up from it\'s long years of sleep. Let us see how far this proposal goes,


Lawrence
11.13.2009 18:49
The Government should just go straight to the point and show us ACTION. We are tired of \'\'we will\'\' statements. If they can make this happen, then that is one achievement of this administration.


emeka k duru
11.13.2009 16:57
This is a new direction by the Presidency,it must be hailed. NLC must in the words of JFK,\" not fear to negotiate or negotiate out of fear\". If Yar\'adua continues in this part,the effect would rob off on the whole polity,especially those talking down on Nigerians.


John Williams
11.13.2009 16:48
God Bless Nigeria! and God bless this administration. If this is implemented successfully there will be sanity in Oil Industry and Nigerian will not suffer again from fuel scarcity.Although 30 years late!!


patrick kola
11.13.2009 16:45
it is only proper that the oil industry is in competent hands and to this end full privatisation should be the only option.
refineries are crucial and everyone should be allowed to own and run refineries. speed must be the buzz word

Nduka Tolefe
11.13.2009 16:11
About time this has gone on for far too long, i hope the Nigerian government isn\'t just talking for talk sake.

Chinedu
11.13.2009 15:57
While i think it is a good step to insisting IOC\'s build refineries,the authorities should ask themselves why \"if building these refineries will be profitable to these coys,then why have they not done so\"
it\'a all about the bottomline and the authorities should ensure policies and necessary conditions are in place such that building/operating a refinery in Nigeria makes economic sense.It\'s all about the dollars at the end of the day.

Cosmas
11.13.2009 15:15
This is a laudable step and must be rigorously analysed for implementation. If oil majors are very enthusiastic to invest in LNG projects, they should fancy investing in refineries. The status quo (oil producing and oil consuming countries) no more suffices and our government must make a strong effort to change that.

MUHAMMAD JAMIU KAYODE
11.13.2009 12:50
this is the right step at the right time, if the government is sincere

Ibok, J.O
11.13.2009 12:32
I think given a condusive business environment, the IOCs are better placed to build and run refineries as they are currently running their upstream companies. My fear remains whether this matching order will be followed to the letter. I also want to appeal to the IOCs to see this line of business as corporate citizenship obligation and it is lucrative even if their target market is for local consumption in Nigeria.

Joseph Davies
11.13.2009 12:18
GREAT!!!
That’s it. If implemented to the letter, it definitely would have a multiplier effect that will expedite the MDGs.
Knowledge + Vision + ¬Productivity = A Durable Legacy of the Yar Adua’s administration…

Barka, Mr. President.

The Founder\'s Desk, NCCIJ

Maxim
11.13.2009 12:14
All that have been said so far,nobody has any cogent reason as to why the refineries are not working.The meaning of this to me, is that government has resolved to let the refineries rot away while we continue to import.

[b]Bobby Chukwudi Chukwuma
11.13.2009 07:53[/b]Good thinking, who says Umaru Yar’Adua\'s presidency will not turn out to be the best in Nigeria. They may be slow but they are moving in the strong foundational direction, kudos to Mr. President.

What Nigeria and Nigerians needed is an enabling environment to operate, if the oil companies invest in the downstream sector as mentioned here, especially in the area of refining petroleum products, the story of mafias not wanting the Nigeria refineries to work will be a thing of the past, because if they can influence government establishment, they cannot possibly do so with independent firms that have invested to make profit.

See how well Nigeria is doing in the telecommunications sector, because private firms were allowed to invest and compete with that of the government. If this is taken care of, the next area I would want the government to consider seriously is the power sector, with these three key areas taking care opened for private investors, Nigeria will be set for a corrupt free society and the needed change will come.

The problem never was building refineries but maintaining them and keeping them operational. Do FG also expect these companies to run the refineries? They need to make that clear before I celebrate, cos FG have proven themselves incompetent at running refineries.

My fear is not that we wont or cant develop, my fear is that we will be so developed that we will make ourselves gods and Forget the sovereign God himself. You want proof !  Check out what happened when we were ruling the world in Egypt,

@ibime

The Companies will run the refineries.
The people that run the refineries is not the Fg they are the technocrats. The technocrats will make you minced meat if you were president. The truth is that they will get away and you will be blamed and if you go after them they will shout persecution of all sorts.

The fact now is that with the oil companies in refining we would be saving billion of dollars every year and there will be alot of Jobs. The oil companies know how to run the refineries.

You will not need the cabals in the NNPC to sit on a board to sanction a turn arround maintenance for 300 times the actual cost because the refineries are the ones running it. With deregulation the refineries would make their monies back. We may even see a massive reduction in price of fuel. reason is that when the companies start declaring profits the Nigerian people that I know very well would flock to that business. It will just be like thet telecoms sector.

More oil companies and more refineries


ALBRIGHT WAVES PETROLEUM DEVELOPMENT LTD.
ALLIANCE OIL PRODUCING NIGERIA LTD.
AMEXP ENERGY LTD.
ASK PETROLEUM CORPORATION LTD.
BEEMA ENERGY
BIDBET PETROLEUM LTD.
BONRIVE ENERGY SERVICES LTD.
BULLION-GOLAND JV
CANTTERBURY
CHINIG PARTNERSHIP GLOBAL SERVICES LTD.
CHROME
CHROME OIL SERVICES
CLEAN WATERS REFINERY LTD.
CONOIL
CONTINENTAL OIL and GAS
COSY ENERGY LTD.
CRYSTAL PHILIPS and ENIGMA OIL SERVICES
D-12 PETROLEUM LTD.
DEETEN OIL and GAS LTD.
DELTA OIL
DEROCK
DOMON OIL SERVICES Consortium
EASTERN PETROLEUM CORPORATION
EMO EXPLORATION and PRODUCTION LTD
ENERGEM PETROLEUM CORPORATION
ENERGULF
ENERGY PIONEER EP
EQUATOR EXPLORATION
ETHIOPE POWER
FEZOL
FIRST AXIS OIL and GAS LTD.
FOI ENERGY
FOUR ENERGY LTD.
GAS TRANSMISSION and POWER LTD.
GRADAV PTY
GRASSO NIGERIA LTD.
HEPCO LTD.
HUDSON PETROLEUM LTD
ICON OIL and GAS
IDEAL OIL and GAS
INLAKS PETROLEUM RESOURCES
INTEROIL
JAIZ ENERGY
JEVKON OIL and GAS LTD
MAGELLAND MAHOGANY OIL and GAS LTD.
MAINE OIL and GAS
MUSTANG
NEO ENERGY LTD
NEW TIGERHEAD PSTI LTD.
NGSS OIL and GAS LTD.
NJ EXPLORATION SERVICES
NORTHERN NIGERIA DEVELOPMENT CORPORATION
OBAT-PETROLOG , FROM WHAT I KNOW HE HAS A REFINERY ALREADY
OILWORLD NIGERIA LTD.
OPHIR
OPSL ENERGY LTD.
OSYKA CORP
PASADENA
PRIMETIME INTERNATIONAL ENERGY SERVICES LTD.
RAYFLOSH PETROLEUM LTD
REFINEE PETROPLUS CONSORTIUM
RIVGAS PETROLEUM
SAPELE PET
SAPID PETROLEUM
SIKA PETROLEUM LTD.
SONEMA ENERGY LTD.
SPECIALTY DRILLING FLUIDS LTD.
STARCREST
SUN TRUST
TALEVERAS – MTM PETROLEUM SPV
TEAM TRADING REFINING LTD.
TECHNICAL SYSTEM ENGINEERING LTD.
TRANSGULF
TRIAN ENERGY
TULIP ENERGY RESOURCES NIGERIA LTD.
UNION ATLANTIC PET
VIDEOCON
VIVA METHANOL
VP ENERGY LTD.
WESTAFRICAN BITUMEN EMULSION CORPORATION LTD.
WINOVER OIL and GAS LTD.
XL ATLANTIC EXPLORATION and PRODUCTION
ZENONJOVIS OIL and GAS LTD.
ZERIMA PETROLEUM LTD.

^^^^^^^^^^^^^^^^^^^^^

This is not a foreigner vs Citizen issue.

if you want to renew your oil block then build refineries in Nigeria if not leave our(their) oil alone.

The greatest news I have heard today!

More jobs for Nigerian youth
More money for Nigeria

But I hope the companies manage the refineries instead of the Govt. NNPC should just be a advisory and supervision board.

skillworks

Good idea

I also think the 40year licence is ridiculous.

The licence should be renewed every 2-3 years so that we know those who are willing to give back to the society and those who ar'nt.

40years licence unacceptable in this day and age.

@mikeansy

I think the 40 thing is criminal and fraudulent not just ridiculous.

another amusement story. Where are the refinery when they have started signing the renewal already. Are we ever serious in this country? It is only in Nigeria that everybody do as they are pleased, we the citizen are not benefiting anything from the oil find.

mikeansy:

Good idea

I also think the 40year licence is ridiculous.

The licence should be renewed every 2-3 years so that we know those who are willing to give back to the society and those who ar'nt.

40years licence unacceptable in this day and age.

The high capital cost of petroleum projects negate the possiblity of shorter-term contracts.

@globalaid

yes they have renewed only for a year the senate said they will pass the PIB before christmas I just pray that they dont turn their backs on nigeria

God bless Nigeria

Am beginning to see hope in the half-dead Nigeria.

rethink:

@globalaid

yes they have renewed only for a year the senate said they will pass the PIB before christmas I just pray [b]that they dont turn their backs on nigeria[/b]God bless Nigeria

Turn their back on who? This guys are greedier than nigerians, they only know how to hide their greed. They are going no where otherwise with the trouble in Iraq, no company would be bidding for oil blocks but go and see.

MEND for don drive them commot but see them sitting tight.
They can only go when the place if dry, as far as oil flows, we shall see them.

The downstream sector wil have to be deregulated before these companies can invest otherwise they'll be forced to sell their products at a fixed price approved by the government, obvioulsy this will never happen. So i will say Nigerians should brace up for deregulation sooner rather than later.

best move so far by FG

Our FG runners never want to take responsibility for anything other than awarding contracts and lining their pockets, why cant we run our 4 refineries in addition to the ones the oil coys 'll setup? Cant we just run anything right at all?

I dont see anything wrong with naija producing refined produtcs for local use and export but no no no, our administrators 'll rather have some foreign cowboys do that while they just smile to the bank.

I think its just another display of irresponsible leadership. . . many policy changes have been suggested since their un-tactfully planned 'deregulation' policy introduction failed. Na God use FIFA save us. . . but for how long?

What'll become of the 4 refineries?

I think the peeps occupying positions that matter are greedy, lacking the political will to do things right and dont care about the country's future else they'll be making policies to improve the state of things. . . not abandoning responsibility. . . again.

Same ni

Very good move. . .
Hopefully this will drastically reduce the number of idiots hoping to parade themselves as oil and gas company owners. . .
It makes sense and as long as the companies are allowed to manage the refineries with appropriate scrutiny, then i am with it

NIGERIA'S NEXT!

this is GREAT news! there's a lot of things i wanted to see done in nigeria and for this reason had an unrealistic dream of being president so i can do it but it seems others have recently started doing them

this legislation is BRILLIANT and soooo simple. Nigeria's oil profits are set to quadruple making nigeria 4 times the country it is today and dropping the price of oil in the country.

This policy is clearly stupid and stories like this make you wonder whether Nigerians lack intelligence.

You can't coerce oil companies to invest in refineries when the key stumbling block to having an efficient domestic petroleum market is the myriad of regulations that distort the market.

Quite simply, if there was money to be made in investing in refineries in Nigeria's present day environment, foreign investors would not need to to be coerced. The lack of investment in refineries is merely a symptom of a greater malaise, not the malaise itself.

No doubt a great idea. The problem with nigeria is when it comes to the doing then something suddenly crops up and silly excuses are made for failure. lets see if any oil companies will eventually be forced into this new policy.[color=][/color]

i think is a good idea, but i want the process to be fair and adequately reliable

@4play

This policy is clearly stupid and stories like this make you wonder whether Nigerians lack intelligence.

You can't coerce oil companies to invest in refineries when the key stumbling block to having an efficient domestic petroleum market is the myriad of regulations that distort the market.

.

And what is the regulations you are talking about? there was no regulation build refinery or leave our (their) oil  alone that is simple. The fact is that there was no regulation for 40years of rapery they got the oil from the ground and ship it out, no REGULATION. Our soldiers even guide themand kill our own people. Now that must Chnage they build the refinery or our soldiers Chase them out!

If they build the refineries and they dont work kick them out after what is the oil doing for Nigeria when we are not benefiting from it.

Quite simply, if there was money to be made in investing in refineries in Nigeria's present day environment, foreign investors would not need to to be coerced. The lack of investment in refineries is merely a symptom of a greater malaise, not the malaise itself

It is because the government did not put this clause that is why the oil companies did not want to invest in the down stream sector. If i gave you Mr 4play 1 million barrels of Brent crude oil you will not need to raise a finger to make money from it. The people in the oil business will ask you to give them the account you want the money transfered. to be a Crude oil mechant you dont need primary 6 certificate just have the oil any how, that is why it is called black Gold. We have about 35 billion barrel of crude oil reserve(it could be more because I believe they could be lying)

That is why the generals and some people in Government went into crude oil Exploration. some of the companies listed have people in the army and NNPC behind the companies. The FG cannot run the oil business the civil service that deals with the oil sector are just corrupt to take the refinery and run it. The government will be paying so much because the compnaies that will do TAM and other maintainance work on the refineries will have to meet the corrupt board and the board will make you charge the government 300 times the actual cost. The government will not be able to Charge the cost of the over inflated maintenance on you the consumer so the government will SUBSIDIZE and the cost will keep increasing.

They have robbed with the help of unpatriotic Nigerians Enough is Enough!

@4_play

Finally somebody is thinking about the inconsistency of forcing private companies to invest in any business. Any investment must meet the profitability criterion, and if this policy doesn't add value to their current investment in Nigeria, they will take their investment somewhere else - think Angola, Ghana and other countries itching for investment in their upstream oil sectors. Just a few months ago the worry was that Nigeria will lose its status as Africa's largest oil producer.

On the other hand, there may be a reason for this - perhaps China is throwing in refineries as an incentive to snatch the concessions from Western companies. If China would really do that, and "REALLY" is the important word here, then this may actually benefit Nigeria in the short term. We need to thread carefully.

Otherwise, the outcome of this policy would be determined by the answer to the following question: Does the world need Nigeria's oil more than Nigeria needs the oil revenue? Nigeria certainly needs the revenue - it is one reason for the uncharacteristic peaceful approach Yar'adua is pursuing in the Niger Delta.

4 Play:

This policy is clearly stupid and stories like this make you wonder whether Nigerians lack intelligence.

You can't coerce oil companies to invest in refineries when the key stumbling block to having an efficient domestic petroleum market is the myriad of regulations that distort the market.

Quite simply, if there was money to be made in investing in refineries in Nigeria's present day environment, foreign investors would not need to to be coerced. The lack of investment in refineries is merely a symptom of a greater malaise, not the malaise itself.

@ 1forall

Our FG never wants to take responsibility for anything other than awarding contracts, why cant we run our 4 refineries in addition to the ones the oil coys 'll setup? Cant we just run anything right at all?

For the government to run the refinery you have to put all the people at NNPC in Jail !

I dont see anything wrong with naija producing refined produtcs for local use and export but no no no, our administrators 'll rather have some foreign cowboys do that while they just smile to the bank.

Withe foreign comapnies the local ones too will work besides some of the oil cmpanies that you think are foreign companies are owned by Nigerians with foreigners as fronts.

I think its just another display of irresponsible leadership. . . many policy changes have been suggested since their un-tactfully planned 'deregulation' policy introduction failed. Na God use FIFA save us. . . but for how long?

well the comapnies will have to sell at a prices that will keep them in business so the prices will be deregulated but you watch and see the Parasitic elite willlkick against this.

What'll become of the 4 refineries?

They can burn to ashes for all i care the refinery is working at 6.66% capacity. Refinery everywhere in the world is suposed to make money

I think the peeps occupying positions that matter are greedy, lacking the political will to do things right and dont care about the country's future else they'll be making policies to improve the state of things. . . not abandoning responsibility.

Same ni

The political will is coming now. Crude oil like Gold is a mineral. If you take raw Gold to a jeweler and tell him to make gold jewelry for you and you call your government to pay for the refining of the gold and making the gold into Jewelry and the government agrees to pay is that not stupid responsibilty?

So in short. . . SAME NI

OMG, this is good news from any viewpoint,  this is the right step. thanks Mr. President (get well soon)

This is a smart move. They just need to have a good MOU, Let me see who will sabotage the refinery

the federal government is just a bunch of jokers

they have not done the first thing that is required - create a conducive/enabling environment and the idiots are making noise

have you ever wondered why there are no shell petrol stations in nigeria?

lets even forget the business case, would i build a refinery in nigeria, knowing the state of the niger delta, the state of phcn, and the crzy governemnt that keeps revoking agreements of previous administrations?