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Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper - Politics (2) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper (11814 Views)

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Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by hopexter(m): 2:46pm On Jun 10
Refineries wey no dey work naim dey loose over 200 billions? Oh na here the embezzlement for dey take place? God please reveal the C/O of this condemned country to me so I fit sell am before it looses all it values. angry sad

1 Like

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by salbis(m): 2:46pm On Jun 10
Just dey observe how some people on low wattage brain will come and defend saint Buhari.
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Phso: 2:50pm On Jun 10
But those refineries never worked since the days of OBJ..... Or you expect them to work now?








ehn.... Yes

1 Like

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by chiedu7: 2:52pm On Jun 10
ArmaniUhuru:
Ibe Kachikwu is an epitome of incompetence. The petroleum ministry should be probed period.

Buhari is the petroleum minister

1 Like

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by AmazingELixir: 2:59pm On Jun 10
grin grin grin


Losses and decline under this government is no longer news.
We are used to it..
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by studentofTruth: 2:59pm On Jun 10
ArmaniUhuru:
Ibe Kachikwu is an epitome of incompetence. The petroleum ministry should be probed period.

The boss nko? the real petroleum minister? If the junior minister is incompetent, what about the senior petroleum minister?

1 Like

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by michoim(m): 3:02pm On Jun 10
How much do they lose under PDP 16 years because i know they never worked in all those years...

1 Like

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Funkyswagzz(m): 3:05pm On Jun 10
Wait is it buhari that told niger delta militants to vandalise the pipeline.. we didn't vote for buhari yet he won and now we have started complaining... If he ever show mercy to us it means he is good man cos it was clear we didn't want him
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by frickyjohn: 3:09pm On Jun 10
How the f*ck did refineries that didn't generate money lose this much. 231Billion that's like more than what Osun state got for 4 years.

The kind of corruption going on in the Oil and Gas industry is legendary



TheLogicalMind:
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 frickyjohn: 3:10pm On Jun 10
Mr Integrity still remains the Honorable Minister of Petroleum


TheLogicalMind:
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 jamjo: 3:12pm On Jun 10
ArmaniUhuru:
Ibe Kachikwu is an epitome of incompetence. The petroleum ministry should be probed period.


Leave Ibe Kachikwu alone, he is not in charge he is not the minister of petroleum he is just the junior minister your minister of petroleum is Buhari it looks like you don't know anything about the government you are defending.
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Nobody: 3:17pm On Jun 10
Na Old news b dis
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Justiceleague1(f): 3:19pm On Jun 10
ALMUSTAQIM:
FAKE NEWS

FIGMENT OF IMAGINATION

UNSUBSTANTIATABLE FACT

HATER SPOTTED

Huge mental.
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by olumalcolm(m): 3:19pm On Jun 10
They transport crude oil to the north codedly in preparation for the fall out and they tell us refineries were redundant for 3months, 5months, 7months etc. They have opened Kaduna dry port also, the list goes on and on like that. He who has ears, let him/her hear, it is coming, be PREPARED. angry

1 Like

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Justiceleague1(f): 3:24pm On Jun 10
You won't find kabiru here. You will never see Fatai or MufutausAfonja,or Tajudeen commenting,Lai lai..Mumini, Akanni,Lateef will pretend not to see this thread.
They even claim it's fake news.

But mention GEJ or Pej or Stella Oduah or Iweala now,AHHHHHHHHHHH, somebody don tiff their ewedu be dat

grin grin
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by slivertongue: 3:27pm On Jun 10
Buhari is a calamity to nigeria
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Champneys: 3:27pm On Jun 10
Buhari Badluck! angry
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by YenYo: 3:27pm On Jun 10
undecided I don't know how they expect a man whose brain his locked to do anything meaningful.

Turning around the refineries doesn't need space brain but this criminals will always find a way to steal at the detriment of the larger society.

God Airpuss!
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Nobody: 3:32pm On Jun 10
Basically, the refinereis are losing because...subsidy.

1.First, it is sad that the government did not spend money repairing the refinereis. Even taking a loan...no problem. (Then again, the issue was disagreements over the fine details, but still).

2.Having said that the problem is SUBSIDY. Subsidy, in my opinion, prevents NNPC from making a sufficient proft to be able to afford to repair the refienreis completely (or even build new ones , because that means they would be running them at a loss.).

3.Let's privatise NNPC, privatise the refinereis, remove subsidy, and see investment flow in to repair the refienreis, build new ones, stimulate eventual economic growth, and jobs. Easy way of reviving the economy for APC.

But as someone told me elsehwere...no Nigerian government is going to risk cheap petrol...even for the obvious benefits. The riots that happened under GEJ would be child's play compared to what would happen under full removal of subsidy.

But we have to do it.. Oil revenues are not high enough for us to sustain subsidy. And we are still struggling to fight corruption.

2 Likes

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by sharpsecret: 3:34pm On Jun 10
blackpanda:


so why havent they been working since obj
buhari's father made a mistake,buhari want to follow his father's footsteps,the same thing dat killed his father will kill him
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Splashme: 3:38pm On Jun 10
ALMUSTAQIM:
FAKE NEWS

FIGMENT OF IMAGINATION

UNSUBSTANTIATABLE FACT

HATER SPOTTED



Mr Zombie, you sound as dumb as your president
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by GrossPrice: 3:41pm On Jun 10
Juliusmalema:
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.

your pant's on fire - liar grin

1 Like

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Eteka1(m): 3:44pm On Jun 10
Those refineries have not been working long before 2015, and the government of President Buhari has decided not to invest in trying to make them work cos it will amount to throwing good money after bad. The government rather decided to support Dangote by facilitating the loans needed for the construction of the 650,000 BPD Dangote refinery located at the Lekki Free Trade Zone. The government has also encouraged other investors to build modular refineries, licences have been issued and some of them are already under construction in other parts of the country.

1 Like

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Juliusmalema: 3:48pm On Jun 10
GrossPrice:

your pant's on fire - liar grin
Alright
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Splashme: 3:57pm On Jun 10
Buhari is killing Nigeria
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Kayrich(m): 3:59pm On Jun 10
No way they would have make money from them when repairs wasn't done. Abi what's this report insinuating. N231b lost in 4years only means trillions of naira lost in 16years of PDP. You and I know those refineries never worked all this while

1 Like

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by kenny160(f): 4:01pm On Jun 10
I wonder may be his supporter no dey see all dis thing
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by olushy: 4:01pm On Jun 10
My 9ja na joke
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by apache4: 4:03pm On Jun 10
Man this your Pic is epic ..............Lolz .......Hahahahaaaaaaaaaaaaaaa
I love it & it always makes my day !!!!!!!!!!
Pls can we be friends ?/


dadavivo:
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.
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Billionaire09: 4:04pm On Jun 10
Allow IPOB to develop their land.

Nigeria Fulani caliphate can steal whatever they like now, the day the government of Biafra will completely restore, every Fulani government criminals shall be chase out of Biafra.

Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by LANDLORD72: 4:15pm On Jun 10
ALMUSTAQIM:
FAKE NEWS

FIGMENT OF IMAGINATION

UNSUBSTANTIATABLE FACT

HATER SPOTTED
You are already fake yourself you lifeless follower
Re: Refineries Lose Over 200 Billion Under Buhari- Punch Newspaper by Xclusivedaniel6(m): 4:21pm On Jun 10
ALMUSTAQIM:
FAKE NEWS
FIGMENT OF IMAGINATION
UNSUBSTANTIATABLE FACT
HATER SPOTTED
how much did they pay you to write these words?

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