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Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper - Politics - Nairaland

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Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by TheLogicalMind(m): 12:53pm On Jun 10
The nation’s refineries suffered huge losses in the first four years of President Muhammadu Buhari’s administration as they were left in a state of disrepair, ’FEMI ASU writes



Federal Government-owned refineries, located in Port Harcourt, Kaduna and Warri, lost over N231bn in the last four years as the proposed rehabilitation of the plants suffered a setback.

The Port Harcourt Refining Company has two refineries, while the Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company have one each.

The refineries lost N34.57bn from June to December 2015; N8.64bn in 2016 (data for January to August showed); N47.19bn in 2017, and N132.51bn in 2018, according to the Nigerian National Petroleum Corporation.

When President Muhammadu Buhari assumed office on May 29, 2015, all the refineries were not processing crude oil, with Port Harcourt refinery sitting idle since January of that year while Warri and Kaduna stopped refining in February of the same year, according to available data from the NNPC.

In 2015, Port Harcourt, Kaduna and Warri refineries were idle for eight months, seven months and nine months, respectively, losing N10.05bn, N36.03bn and N21.39bn.

Warri refinery was idle for five months in 2016; KRPC did not refine crude for six months, and PHRC was only idle in September.

In 2017, Kaduna, Warri and Port Harcourt refineries were idle for six, five and two months, respectively, losing N32.61bn, N22.14bn and N11.51bn.

Kaduna refinery did not process crude oil for 11 months in 2018, while Port Harcourt and Warri were idle for seven and three months respectively, losing N31bn, N59.96bn and N41.71bn.

According to the latest data from the NNPC, Kaduna and Port Harcourt refineries remained idle in January this year.

The refineries have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity for many years.

The NNPC had planned to rehabilitate the refineries in order to attain a minimum of 90 per cent capacity utilisation, using third-party financiers and the original refinery builders to provide the requisite funding and technical support.

The corporation, its transaction advisers and an inter-ministerial team on refineries rehabilitation, were said to have reviewed expressions of interest from 28 potential financiers.

But after over one and half years, the negotiations with financiers stalled in December 2018 due to varying positions on key commercial terms.


The NNPC said it had abandoned the strategy of seeking offshore funding due to ‘onerous conditions’ demanded by the proposed financiers.

It said it had to resort to immediate direct funding from internal cash flows and debt financing from the financial markets for the rehabilitation project.

On March 21, 2019, the corporation announced the commencement of the first phase of the rehabilitation of the 210,000 bpd capacity Port Harcourt Refinery complex, comprising the 60,000 bpd old refinery built in 1965 and the 150,000bpd new refinery inaugurated in 1989.

It said the project would be executed by Milan-based Maire Tecnimont S.p.A, in collaboration with its Nigerian affiliate, Tecnimont Nigeria.

The Group Managing Director, NNPC, Dr Maikanti Baru, was quoted as saying that at the end of phase 1, the refinery complex should be able to reach 60 per cent capacity utilisation.

The national oil firm said the first phase of the rehabilitation contract, which would run for six months, would involve detailed integrity check and equipment inspection of the Port Harcourt refinery complex beginning from the end of March 2019.

https://punchng.com/refineries-lose-n231bn-under-buhari-amid-delayed-repairs/amp/
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by ALMUSTAQIM(m): 12:57pm On Jun 10
FAKE NEWS
FIGMENT OF IMAGINATION
UNSUBSTANTIATABLE FACT
HATER SPOTTED

12 Likes 2 Shares

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by TheLogicalMind(m): 12:58pm On Jun 10
The much awaited Next Level.

55 Likes 2 Shares

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Jmk9292(m): 1:13pm On Jun 10
But those refineries never worked since the days of OBJ..... Or you expect them to work now?

16 Likes 1 Share

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by TheLogicalMind(m): 1:15pm On Jun 10
I expect a man who budgeted billions to make them work to fulfill his promises.
Jmk9292:
But those refineries never worked since the days of OBJ..... Or you expect them to work now?

81 Likes 1 Share

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Jmk9292(m): 1:18pm On Jun 10
TheLogicalMind:

I expect a man who budgeted billions to make them work to fulfill his promises.
We have always expected good things from our leaders..... But unfortunately we have got the worst leaders... No be Ibe kachukwu tell us say we no go import fuel again? When we never produce toothpicks

6 Likes

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by SarkinYarki: 1:24pm On Jun 10
ALMUSTAQIM:
FAKE NEWS

FIGMENT OF IMAGINATION

UNSUBSTANTIATABLE FACT

HATER SPOTTED

keep fooling yourself

79 Likes 4 Shares

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Paperwhite(m): 2:38pm On Jun 10
After the spurious Turn Around Maintenance(TAM) budgeted for these moribund refineries? Everything under Buhari is a curse.Guess the eyes of the sai baba zombie are getting clearer? Nigeria can never progress under this useless man.

After all the one-year one-refinery scam promise.Where is that fool called Prof.David Tam-West that sold the scam of Buhari revolutionizing the petroleum sector Next level economic downturn.

29 Likes 1 Share

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by sotall(m): 2:38pm On Jun 10
Na wa

1 Like

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by ArmaniUhuru: 2:38pm On Jun 10
Ibe Kachikwu is an epitome of incompetence. The petroleum ministry should be probed period.

14 Likes

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Gsteve01(m): 2:39pm On Jun 10
Next level yeye

9 Likes

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by fmlala: 2:39pm On Jun 10
IT IS WELL WITH NIGERIA

1 Like

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by tstx(m): 2:39pm On Jun 10
No be today something...




I build websites and I am based in Abuja, see my signature
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Juliusmalema: 2:39pm On Jun 10
gg

1 Like

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by tstx(m): 2:40pm On Jun 10
fmlala:
IT IS WELL WITH NIGERIA
Stop deceiving yourself

12 Likes

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by IsaAbubakar: 2:41pm On Jun 10
ALMUSTAQIM:
FAKE NEWS

FIGMENT OF IMAGINATION

UNSUBSTANTIATABLE FACT

HATER SPOTTED

Stop supporting bad things just because Buhari is a Muslim
Buhari is the worst president since mankind

42 Likes

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Nobody: 2:41pm On Jun 10
Lose how. What kind of mushroom reporting is this. Money was not spent on them. So how dem lose

1 Like

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by dadavivo: 2:41pm On Jun 10
Baru should better have receipt for the so-called $5billion he said NNPC has spent so far in looking for oil in the North.

Cos I see him going to jail soon.

8 Likes 1 Share

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by blackpanda: 2:41pm On Jun 10
TheLogicalMind:

I expect a man who budgeted billions to make them work to fulfill his promises.

so why havent they been working since obj
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by JikanTaalolo: 2:41pm On Jun 10
FRESH LIES EVERYDAY IN 9JA.
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Juliusmalema: 2:41pm On Jun 10
Those things called refineries are just tacti method of sending unquantifiable and high amount of crude to North through pipelines.


Don't ask me how, I was once there.

8 Likes

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by maybachmusic(m): 2:41pm On Jun 10
Correct heading


Buharis friend s made 200b


Using refineries as excuse

2 Likes

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by hisexcellency34: 2:42pm On Jun 10
He promised to revive refineries in 2015. How many has he revived now?

8 Likes

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by oz4real83(m): 2:43pm On Jun 10
I said in 2015 that I won't say anything against Pmb until I have watched his work after four years.Four years are enough to create an opinion about something. I am bold to conclude now that like his predecessors the pdp,he is a total failure. We need new set of leaders in the country.

7 Likes

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by AstralBody: 2:44pm On Jun 10
ALMUSTAQIM:
FAKE NEWS

FIGMENT OF IMAGINATION

UNSUBSTANTIATABLE FACT

HATER SPOTTED
APC miscreants

15 Likes

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Nobody: 2:44pm On Jun 10
You want a dictator that will transform the country.

Well, sorry you got it all wrong.

You have a dictator alright.

But what you got was the dull, corrupt and nepotistic type.

He will gag you while you starve and whither away.

Don't fool yourself that you will ever go near the way of China and Rwanda.

At this rate, even Mobutu Seseseko's Zaire will be like paradise.

Ndi uchu!

12 Likes

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by IJEYdiamond(f): 2:44pm On Jun 10
Its well with Nigeria

Will there come a time when they will Level up with other Oil Producing Nations or step up.

Anyways STEP UP with PERFORMAX

ijeybest8@gmail.com
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Opinedecandid(m): 2:45pm On Jun 10
APPLAUSE!

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