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Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers - Politics - Nairaland

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Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by iwaeda: 11:51pm On Aug 19, 2020
Society of Petroleum Engineers, SPE, Nigeria Council has lamented the huge amount of money the country spent to keep its non-performing refineries.

Speaking ahead of SPE Nigeria Energy Industry Transformation Summit bid to run from 25 to 27th August, the Council Chairman, Mr Joe Nwakwue said that on annual basis, the country refineries gulp nothing less than N120 billion.

“We understand that refinery is a key national asset and it is in the national interest that they are optimally run from commercial perspective and we think private sector are in better position to do that than public sector.

“It’s important to recognized that it serve no purpose that we have refineries that are sitting idle across the country. They don’t just seat idle; we still spend money to keep them idle.

“If you look at the annual report of NNPC, you will see clearly about N120 billion operating loss for these facilities and its consistency over the years. If we keep them next year, that is how much loss we are going to incurred as a nation.

“It’s not in our national interest to continue to pump money into things that are not adding value. From that perspective, it’s only reasonable to say that we should have sold this asset long time ago to those who can run it.

“Am very sure that assuming we take that step; our exchange rate won’t be what it is today. Assuming we sold it 10 years ago, today we might have exit import completely.

Speaking on the upcoming event, Nwakwue said that the 3-day online summit tagged; “Changing global energy landscape: strategies for industry sustainability will offer the country and key stakeholders directions to remain relevant in a changing world.

“We are going to have three plenary sessions on the first day we are going to be discussing “economic development and environmental stewardship; opportunities for the energy industry” and on the secondary, “domestic refining for sustainable development” and on the last day, we will discuss “global energy transition: remaining relevant in a changing world.”

“The panellists were carefully selected and composed of highly experienced industry thought leaders and practitioners who have demonstrable competences in these areas.

“SPE is indeed blessed that they accepted to come and share their perspectives on these issues and we are grateful for their support and commitment and look forward to exciting and highly productive sessions.”

https://www.vanguardngr.com/2020/08/nigeria-spends-n120bn-annually-to-keep-refineries-idle-%e2%80%95-petroleum-engineers/amp/

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by bigdammyj: 11:53pm On Aug 19, 2020
National Cake

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by irvene: 11:53pm On Aug 19, 2020
cool
Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by iwaeda: 11:56pm On Aug 19, 2020
Every successive NNPC GMD always promise to end fuel importation, alas only end up incuring more debts
Lalastic.lala this is huge
Why not build modular refineries with all these money?

59 Likes 2 Shares

Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by tizteezy(m): 2:11am On Aug 20, 2020
If you realize how much some baboons line their pockets with in the seemingly unending and cancerous export-import of petroleum resources, then you all would get tired of this country.

They don't care if you live or not!! Open your eyes, youths!!!!!!

90 Likes 6 Shares

Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by Yankee101: 2:46am On Aug 20, 2020
TAM is a scam to make money

I'm all for privatization of a reasonable percentage to competent partners

19 Likes 1 Share

Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by Nobody: 3:32am On Aug 20, 2020
Like wtf did I just read?
We still have a long way to go

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by OVB123(m): 4:27am On Aug 20, 2020
Thesame country (nigeria) spending more than #120b on 3 refineries that are not working, yet it's same country someone from the North is building a private own refinery that will commence production next year. What does tell us as a country?

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by IamWonderful: 6:25am On Aug 20, 2020
We know it is the government that is sabotaging those refineries just to continue to siphon money through imaginary subsidy

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by Racoon(m): 7:32am On Aug 20, 2020
Abeg who is the minister of petroleum again? So it's the government that is behind all these wastage.

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by iwaeda: 12:23pm On Aug 20, 2020
Racoon:
Abeg who is the minister of petroleum again? So it's the government that is behind all these wastage.

GMB or lalasticlala will tell us

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by iwaeda: 12:58pm On Aug 20, 2020
IamWonderful:
We know it is the government that is sabotaging those refineries just to continue to siphon money through imaginary subsidy

Wasting resources since 1800
Yet have staff doing nothing

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by iwaeda: 3:11pm On Aug 20, 2020
OVB123:
Thesame country (nigeria) spending more than #120b on 3 refineries that are not working, yet it's same country someone from the North is building a private own refinery that will commence production next year. What does tell us as a country?

Trademark of a failed state

18 Likes 2 Shares

Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by OVB123(m): 3:15pm On Aug 20, 2020
iwaeda:

Trademark of a failed state
Thank you my friend.

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by iwaeda: 8:01pm On Aug 20, 2020
OVB123:
Thank you my friend.
You are most welcome

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by Ewuhausa001(f): 8:22am On Aug 21, 2020
Rare picture of the Nigerian government and her citizen

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by ShitStain(m): 8:22am On Aug 21, 2020
Just imagine...which kind of banana republic be this?
And our stupid president na petroleum minister.
Imagine paying nnpc employees that are doing nothing year in year out.
Which kind nonsense be this?

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by Risingblue008(m): 8:23am On Aug 21, 2020
And yet nothing good has come out of it

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by Dshocker(m): 8:23am On Aug 21, 2020
It seems Nigerians are all cowards...These politicians gets away with anything they do to the detriment of the people and no one opposing.

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by Nobody: 8:23am On Aug 21, 2020
Nigeria is finished!

I pity the future of the Country

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Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by Fheelzz(m): 8:23am On Aug 21, 2020
Idle

9ja which way. Chaii

1 Like 1 Share

Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by Nobody: 8:23am On Aug 21, 2020
Idle or keep it working


Why expenses again when sumtim is idle
Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by revived: 8:24am On Aug 21, 2020
Chai
Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by jamalnation(m): 8:24am On Aug 21, 2020
Wow
Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by revived: 8:24am On Aug 21, 2020
Pimpmaride:
Idle or keep it working

cool cool cool
Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by misterjosh(m): 8:24am On Aug 21, 2020
This is nothing short of madness

1 Like

Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by Simplythebest: 8:25am On Aug 21, 2020
And the national assembly will not see this one. Sometimes i weep for Nigeria cus of what is happening

1 Like

Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by Nobody: 8:26am On Aug 21, 2020
revived:

cool cool cool
Thank. God bro.

How. Are u sir..... I'm happy to see u ooo
Re: Nigeria Spends N120bn Annually To Keep Refineries Idle ― Petroleum Engineers by Igbochief001(m): 8:26am On Aug 21, 2020
that's sad
funny thing is this can build 10 module refinery with 5000bpd capacity each ....that's 80 in 8 years ......that's 400,000bpd would have been build in 8 years

govenment can then sale it to interested individuals ...and retain 20% or less shares ...using NLNG module

it's simple but when u have dumb leaders ....and more dumb followers who praise them what do u expect

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