-FG would resort to holding minority shares after giving up the refineries to investors.

The Federal Government has disclosed that it is in talks with some investors to give up majority stakes in the government’s 4 refineries.

The disclosure was made by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, during a discussion programme on Channels Television on Wednesday, September 9, 2020.

He revealed that the Federal Government wanted to implement an operating model in which the government-owned NNPC would be a minority shareholder in the assets. He said that the government wanted the LNG model for the refineries, where the private investors would operate and manage the refineries.

Mele Kyari said, “It means there will be more scrutiny of shareholders and also becoming more efficient to operate.That conversation is on the table.’’ The NNPC boss, however, did not specify how the government planned to transfer ownership, or who they hoped to transfer it to.

He also explained that plans were underway to rehabilitate the 4 major refineries to start producing at maximum capacity. This plan is expected to place Nigeria as one of the world’s biggest exporter of petroleum products within the next 3 years.

Kyari disclosed that the refineries, which have only worked sporadically for years due to severe under-investment, would need serious repairs & refurbishment as against the routine Turn Around Maintenance (TAM).

It can be recalled that in April, the NNPC said that it had shut down all its 4 refineries to secure funding for their refurbishment, and would no longer manage them when they reopened.

He said that the pipelines which supplied crude oil to these 4 refineries in Kaduna, Warri and Port Harcourt were badly damaged. In the latest financial report that was released by NNPC, these refineries processed almost no crude in 13 months to June this year, even though they had an operating cost of about $367 million.

He also explained that plans were underway to rehabilitate the 4 major refineries to start producing at maximum capacity. This plan is expected to place Nigeria as one of the world’s biggest exporter of petroleum products within the next 3 years.

.........That the refineries, which have only worked sporadically for years due to severe under-investment, would need serious repairs & refurbishment as against the routine Turn Around Maintenance (TAM).

RuudVanNisteroy:
They still plan on using the Turn Around Maintenance(TAM) to loot. They have spent billions of dollars "rehabiliting" the refineries and they have never worked to full capacity since the 80's.

Racoon:

This is another scam or corruption loading.Kyari should perish that idea.If after promising 4 refineries in its first term but only apologized for failure to fulfill same, kindly privatize & see how it goes.Enough!

Racoon:
Abeg can this man & the NNPC spare this economically depressed nation among other segments this hogwash?
After how many years?

El Rufai once recommended this same decision but the corruption therein is so sweet.Atiku said same thing but myopic reason will not allow people to see the good side of it.Now after consuming chunk of Nigeria's resources, the moribund refineries are up for privatisation.So who is fooling who in this nation?

helinues:
Best way to go.

Aflix:
But you APC zombies called Atiku names when he proposed this What changed?

Aflix:
But you APC zombies called Atiku names when he proposed this What changed?

helinues:


I thought about the same thing not quite long .

That's where integrity comes in... I learned new thing this morning.

People would not take you serious if you have lost your integrity

Duplik8t77:
in essence, you mean Atiku has lost his integrity while buhari is the man with the so called integrity? Mhen, I hope your bmc stipend is commensurate to the amount of work you put in supporting this vile nasty govt. if not, better go dey ride bike, that way you will still have ur senses to yourself

helinues:


You can read right.. Even if Atiku was elected nas president then, nobody will trust him..

So yeah, Atiku lose his integrity long time ago

Duplik8t77:
here you go again, twisting the truth and creating Your Own reality. if you ask me, I would say both atiku and buhari have questionable integrity. especially the latter, because of his sanctimonious nature

helinues:

I thought about the same thing not quite long .
That's where integrity comes in... I learned new thing this morning.
People would not take you serious if you have lost your integrity

Aflix:
So, you are saying Buhari has no integrity?

helinues:


Oga , Kaki can never be leather...

GEJ removed subsidy Nigerians ( Opposition) protested....

Buhari removed same subsidy na only online ranting we dey read.

Except if you want to continue deceiving yourself, Atiku's integrity no even close to GEJ not to talk of Buhari

J111333:
Is this not the same thing Atiku proposed to do last year if elected and APC folks called him thief?

Nigerians deserve what they get aswear.

Tamuno come mek we push our canoe comot for here biko.

ThatFairGuy1:

I've been seeing comments like this, just like the removal of subsidy.
What you all should ask yourself is why are those that protested Against the pms subsidy removal in 2012 didn't this yrs? The simple answer is, INTEGRITY. The former didn't while the latter posseses it. Why would they when there's nothing shady in it?

Concerning NNPC, If Atiku privatize it, we know he'll give it out to friends IN FRIENDSHIP MANNER.

[b]WE ALL SAW WHAT TRANSPIRED WHEN HE CHAIRED THE PRIVATIZATION OF FG'S ASSETS DURING HIS VICE PRESIDENCY TENURE. WE ALL CAN'T BE HYPOCRITES