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FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed (16684 Views)

FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed / Four Refineries To Work By 2023, Says NNPC Boss / 3 Modular Refineries To Begin Operations In 2019 — Kachikwu (2) (3) (4)

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FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by DeClan01: 7:25am On Sep 11
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 underinvestment, would need serious repairs and 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.

https://nairametrics.com/2020/09/10/fg-to-give-up-majority-stakes-in-its-4-refineries-to-be-privately-managed/

3 Likes

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by Sammy07: 7:52am On Sep 11
Long overdue

40 Likes 4 Shares

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by Nbotee(m): 8:26am On Sep 11
Hahahahahaha... D same FG and it's useless supporters dat lambasted and insulted Atiku ?? D same ediots who called him a thief simply becos he suggested selling of the refineries and d NNPC?? If U used to and still support dis govt, U owe ur children an apology

First they kicked against subsidy removal and claimed it doesnt exist but dey have paid more subsidy and have removed it over 3 abi 4 times..And now dey now want to privatize? Dis ones are more hypocritical than d Pharisees

324 Likes 30 Shares

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by TheSERAPH: 8:30am On Sep 11
Privatization is more effective

and efficient in some countries. But not in Nigeria

where people use all means to enrich themselves

7 Likes 1 Share

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by Adedotguy: 8:31am On Sep 11
grin

1 Like

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by Kingpele(m): 8:31am On Sep 11
Wow.... Am not happy about this but is sad that even the government doesn't trust the civil servants, the people that are running our refineries are in another level of corruption, is very bad

13 Likes 2 Shares

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by Joshualee: 8:31am On Sep 11
China ooo

12 Likes 1 Share

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by nautybride: 8:31am On Sep 11
What has come out of the previous ones privatised?
Has it improved the standard of living of Nigerians?
By the time this regime will be over, .......................................
Please fill in the gap.

17 Likes 1 Share

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by dhardline(m): 8:31am On Sep 11
Atiku talk am o cry

67 Likes 2 Shares

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by RapistOnBail: 8:31am On Sep 11


I feel this Government has a better evaluation of the future compared to the others.

17 Likes 6 Shares

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by Knox123(m): 8:31am On Sep 11
shocked
Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by Offpoint: 8:31am On Sep 11
In my humble opinion, I think Buhari should be privatizegrin

71 Likes 4 Shares

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by Ekundayo7574(m): 8:31am On Sep 11
They should give my father one share
Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by happy20: 8:31am On Sep 11
this is a good one. Deregulation will help the oil industry.

3 Likes

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by yesloaded: 8:31am On Sep 11
Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by aminusodiq(m): 8:32am On Sep 11
And dey crucified atiku for saying almost the same thing!!! A government of hypocrisy grin

121 Likes 7 Shares

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by degreatstalion: 8:32am On Sep 11
Same thing Atiku said and was decorated with insults.

I'm tired of this country.

89 Likes 3 Shares

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by Favourchris(f): 8:32am On Sep 11
Nbotee:
Hahahahahaha... D same FG and it's useless supporters dat lambasted and insulted Atiku ??

Don't mind them, the same thing atiku said is what they are falling back to.

Some useless NLders will still come and open their mouth and defend this clueless administration

117 Likes 5 Shares

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by superability(m): 8:33am On Sep 11
When you have clueless government, this is what you get...

Same idiots that insulted Atiku are doing same thing... Later now they will come out with yeyecious excuses... Saying PDP did PDP that... APC will do it right...




I pity citizens that takes them serious

41 Likes 1 Share

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by ThatFairGuy1: 8:33am On Sep 11
Privatize it. No need of rehabilitating anything, it's another mode of looting in NNPC.
Meanwhile, those thieves (NNPC staffs) won't like this

Nbotee:
Hahahahahaha... D same FG and it's useless supporters dat lambasted and insulted Atiku ??


Yes. We can't trust Atiku's privatization, so we castigated him. WE ALL STILL REMEMBER HOW GOVERNMENT ASSETS WERE SOLD OUT UNDER HIS CHAIRMANSHIP(PRIVATIZATION) AS VICE PRESIDENT

CoalcityBoi:


U den mind those hypocrites.

Anyway, even if this government vomit shit, Yoruba mozlem will leak it and it Pepe soup

Bunch of fools

So you single out Yoruba Muslim? This is how Ipob Terrorists are identified. Crack heads

5 Likes 4 Shares

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by emror4u: 8:33am On Sep 11
When Atiku proposed this, zombies wanted to eat him raw. Now their darling daddy has come to his senses, you will start hearing "yes, our darling daddy, this is a step in the right direction".

Yeye dey smell angry angry angry

44 Likes 3 Shares

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by kambili999(f): 8:33am On Sep 11
Hehe. This government is very dramatic and comical. The shame is too much

16 Likes 1 Share

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by mju5: 8:34am On Sep 11
Nbotee:
Hahahahahaha... D same FG and it's useless supporters dat lambasted and insulted Atiku ??

1 Like

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by KindlyAssist: 8:34am On Sep 11
ATIKU was RIGHT...

He may not mean well for Nigerians in that area, but PRIVATIZING that sector would make more meaning.

19 Likes 3 Shares

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by jidxin(m): 8:34am On Sep 11
happy20:
this is a good one. Deregulation will help the oil industry.
hb
Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by Ogaemmii: 8:34am On Sep 11
The op did not put it in proper perspective. He said we will give it to an O&M to manage. We will partner with them to play a supervisory role.

O and M is Operate and Maintain.

This is different from privatization.
Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by obembet(f): 8:34am On Sep 11
When atiku use this for campaign, they said he want to sell Nigeria. Buhari is just like Gov Wike in Rivers state. They don't have plan. They work without plan.

24 Likes 2 Shares

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by boookworm: 8:34am On Sep 11
Atiku proposed this in his campaign and ignorant and deluded ones called him a thief. It is evident that APC preyed on the ignorance of Nigerians to retain power in 2019

40 Likes 2 Shares

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by RaptObserver: 8:34am On Sep 11
Good news at last

2 Likes

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by CoalcityBoi: 8:35am On Sep 11
Nbotee:
Hahahahahaha... D same FG and it's useless supporters dat lambasted and insulted Atiku ??

U den mind those hypocrites.

Anyway, even if this government vomit shit, Yoruba mozlem will leak it and it Pepe soup

Bunch of fools

19 Likes

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by nautybride: 8:35am On Sep 11
Offpoint:
In my humble opinion, I think Buhari should be privatizegrin
Abi o

4 Likes 1 Share

Re: FG To Give Up Majority Stakes In Its 4 Refineries, To Be Privately Managed by EastGold(m): 8:35am On Sep 11
Nbotee:
Hahahahahaha... D same FG and it's useless supporters dat lambasted and insulted Atiku ??


I told my friends in our WhatsApp group some days ago.

APC and its followers are just clueless

26 Likes 2 Shares

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