• NNPC meets Chiyoda, JGC to assess condition of facilities

• Govt officials giving divergent figures on Nigeria’s oil output

Chineme Okafor in Abuja with agency report

The Nigerian National Petroleum Corporation (NNPC) Wednesday disclosed that President Muhammadu Buhari has ruled out the option of privatising its moribund refineries.

Instead, the president, who is rabidly averse to the disposal of the inoperable and inefficient so-called “national jewels”, approved a new commercial model that would enable foreign and local companies to invest in the restoration of the refineries in Port Harcourt, Warri and Kaduna.

NNPC has an installed refining capacity of 445,000 barrels per day. However, owing to the suboptimal performance of the three refineries for more than two decades, Africa’s largest oil producer has had to import refined petroleum products at a huge cost.

Under the new model, NNPC said Buhari approved the engagement of strategic investors who would come in with refining experience and funding capacity to partner with local investors who understand Nigeria’s downstream oil market, to revamp the refineries.

For decades, NNPC’s refineries have operated below installed capacity, turning them into inefficient, loss-making entities that negatively impact on the state-run oil firm’s bottom line.

The corporation however stated that under the new model, this would change with the investments provided by investors who would be repaid from the incremental production of the refineries on agreed terms.

From THISDAY

Read more @http://www.nairausd.com/2017/03/buhari-rules-out-sale-of-refineries.html

Don't sell anyone....baba at work...

Baba don return?

Which buhari?

Ok

the bihari I no is in the sick bed eating vegetable

makdcash:
Don't sell anyone....baba at work...

Did you mean anymore

May his gentle soul rest in peace