Minister of State for Petroleum Resources, Ibe Kachikwu has stated that Nigeria needs about $1.2 billion to repair the three refineries of the Nigerian National Petroleum Corporation (NNPC).

The minister, who spoke at a news briefing in Abuja on Thursday, said reports of the concession of Port Harcourt refinery to Oando and Agip companies were untrue.

He said a technical committee set up by the government to undertake the review and selection process was yet to submit its report.

“We have not selected any firm yet even though some firms have shown interests.

“We need about 1.2 billion dollars to repair and bring the three refineries of the Nigerian National Petroleum Corporation (NNPC) in Port Harcourt, Warri, and Kaduna, up to 100 percent production level”, he said.

Kachikwu added that the cost of the project had been determined in terms of the extent of work required.
“The total cumulative amount is in the 1.1 billion dollars and 1.2 billion dollars category between all the refineries. And that, of course, does not include the pipelines.

“You have got to address the pipelines and that is something else that is being done”, he noted.

He explained that Nigeria spent about N4.74 trillion on the importation of petrol in the past year which was 30 percent of the total foreign exchange outlay of the Central Bank of Nigeria (CBN).

“The importation of petroleum products between January and December of last year amounted to about 20 million metric tonnes.

“A total amount of N3.4 trillion was spent, the consumption of FX from CBN was approximately 30 percent of CBN total FX outlay, and the logistic costs of that importation was about N1.34 trillion within the same one-year period”‎, he added.

http://dailypost.ng/2017/06/09/nigeria-needs-1-2b-repair-three-refineries%e2%80%8e-kachikwu/

ooooooooooooooooooooohhhhhhhhh... Which kind ppl b did sef?? Are these not d same refineries U ppl claimed to have repaired and functional since last year Or dat was also a wash?? Abeg APC pls jus tell us which part of d things U've told us since U entered isn't a wash... We all know it was d Senate who stepped in at d last minute to cancel d whole process because of d backyard arrangements d govt already made.. So why is d denial of d concession arrangements coming now?? I jus tire for these ppl...

chai,some bblessings self na course in disguise...eg. money,crude oil,and some women to mention few.

If we need $1.2b to repair 3 refineries that worked the following month PMB got into office, how much do we need to build new ones. This sounds illogical and thieving.

Mr Kwachiku how much did Eni and Shell pay Malabu for OPL 245? $ 1.3 Billion Dollars right

We need $ 1.2 billion dollars to repair refineries that they have been doing TAM on before you stated with MPN.

Sir, how much does it cost to build a new refinery ?
Sir, do you actually know what is involved with building a refinery ?

which refinery is he talking about again?

the one that has started function wen pmb got into office

or

the one AGIP and OANDO have taken over

1.2 billion will only build a 100000 bpd capacity