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NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery - Politics (3) - Nairaland

Nairaland Forum / Nairaland / General / Politics / NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery (9194 Views)

Experts Criticize FG Over ₦568.5 Billion Vote To Repair Loss-Making PH Refinery / Bala Mohammed Awards ₦3.6 Billion Contract To His Own Company / NNPC Signs $3.15bn Financing For OML 13 (2) (3) (4)

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Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by Nobody: 9:27am On Apr 07
IamNumeroUno:


I'm very sure you have not been following this story from when it broke.
The government is not "fixing" the refinery to use, NO, they want to repair it at $1.5 billion dollars and then sell it. That's what we all are angry about. Why spend money to repair the dead metals before sale?

Well, presumably it is better to sell a functional refinery, rather than a non-functional one.
Why not keep the money, sell the scrap for whatever amount you can sell and add to this amount you want to spend, then use it to start a.new one? Haven't you heard about the the bird in hand worth millions in the bush? Knowing the kind of country we have, the contractors would most definitely abandon the project, after the $1.5 billion dollars have been appropriated. Isn't that waste of resources?

Who will buy the scrap? Would you?

Please don't start me with that subsidy stuff. I remember back in 2012 when the previous government, advised by the current WTO Chairman wanted to remove subsidy, Buhari said there is nothing called subsidy. The videos are out there for everyone to see. Therefore, you can't claim to be removing what doesn't exist

Buhari said there was no subsidy because he did not understand how a subsidy worked, plus he was playing poltics.(And since i had some understanding of how a subsidy worked at the time, I did not believe his comment )

Basically, a subsidy works in this way....we sell fuel below the cost of its production per liter...and pay a subsidy...the difference between what it costs to produce fuel, and what we sell it at, ...to the market. In priniciple...since the subsidy was introduced in the late 1980's...this meant that refinereis could not operate at a profit...which led to them not having enough cash over the years to be maintained properly....and that is why they are a mess now..

Heck, even if subsidy did exist, how do you hope to further impoverished the common man when all politicians get fuel for free? How can the common man benefit from the corruption going on?

Well, all our neighbouring African countries, including the oil produicers, pay above n300 per liter of fuel at the pump...meaning that countries like Niger are able to keep their refinery running to the point where they can export...because they make enough of a profit to keep it running.

Petrol is expensive. And before you abuse me....I don';t like the fact it is expensive. But thanks to decades of keeping prices of petrol artifically low...we have bad refineries, we spend more money subsidising fuel than we do on educaiton and health, and we also lose billions to smuglling of our cheap fuel to all our neighbours...right now we are subsidsing fuel for other african countires. Removing subsidy will end that problem...and give us functional refineries.

See Venezuela. That country sells fuel at N40 per liter...and they lose 18 billion dollars annually to smuggling.

In Buhari's word, "anybody that tells you that he is removing subsidy, it is praud, nothing like subsidy"
[/quote]

And you believed him? You believed the word of a school cert holder who did not know what he was talking about? Sigh.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by ChiefAfonja: 9:30am On Apr 07
DjAduba:
If they dont do a reasonable job this time I will give up on Nigeria totally. Good luck.

So.u.never still give up

I dey laugh you
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by seunmsg(m): 9:45am On Apr 07
This is a welcome development. I hope the project is delivered according to schedule.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by freemanq(m): 9:47am On Apr 07
Just waking up now after 6 years in office.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by lastempero: 9:47am On Apr 07
These people are bent on stealing this money.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by Chemicalsolo: 9:48am On Apr 07
Alejoas:
This country is a sorry case, the people were not in support or this yet it pulled through. shocked Look at how happy the oyinbo boy was over a serious matter? It feels more like an award 'well deserved' than contracts signing. I have ten to twenty four hours guaranteed external battery for your laptop. Do you need one? This contract is a win - win scenario for all those involved, but sadly the Nigerian people will only hang on to hope. Our leaders are not worthy of our trust, i can still remember Osinbajo talk about modular refinery during the campaigns cry


I am interested in your batteries pls. 07087285293
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by CodeTemplar: 9:55am On Apr 07
Election funds for 2023.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by Jollylolly(f): 9:59am On Apr 07
Alejoas:
This country is a sorry case, the people were not in support or this yet it pulled through. shocked Look at how happy the oyinbo boy was over a serious matter? It feels more like an award 'well deserved' than contracts signing. I have ten to twenty four hours guaranteed external battery for your laptop. Do you need one? This contract is a win - win scenario for all those involved, but sadly the Nigerian people will only hang on to hope. Our leaders are not worthy of our trust, i can still remember Osinbajo talk about modular refinery during the campaigns cry


As a matter of fact, you are right, OSinbajo did talked about building modular refineries few years ago and truly, there are about 8 modular refineries situated in different states across the Niger Delta region; We have the Opac modular refinery in Delta state, Walter Smith is located in Imo State, Azekiel in Bayelsa state, there are two modular refineries in Edo state; the Edo modular refinery, and Dupot energy park, we also have Niger Delta Petroleum Resources NDPR in Port Harcourt, Ibafon in Calabar state, and ND Western situated in Delta state and Ikwe orna modular refinery in Akwa Ibom State.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by Drsnives(m): 10:01am On Apr 07
MALAGI6210:

prophet of Bad vission u dey ever see good in ur prophecy

Is this not Nigeria again

Kweeeeke o
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by NonsenseRubbish: 10:06am On Apr 07
Nonsense plus rubbish angry
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by Bestbeelieve: 10:12am On Apr 07
It is now that i know there is no going back!!! to your tent o Israel!!! it is finished! dem go blame am on dementia of the confirmed dullard!!! if this nonsense nor stop e nor go end!
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by IamNumeroUno: 10:17am On Apr 07
Neutralobserver:


Well, presumably it is better to sell a functional refinery, rather than a non-functional one.


Who will buy the scrap? Would you?



Buhari said there was no subsidy because he did not understand how a subsidy worked, plus he was playing poltics.(And since i had some understanding of how a subsidy worked at the time, I did not believe his comment )

Basically, a subsidy works in this way....we sell fuel below the cost of its production per liter...and pay a subsidy...the difference between what it costs to produce fuel, and what we sell it at, ...to the market. In priniciple...since the subsidy was introduced in the late 1980's...this meant that refinereis could not operate at a profit...which led to them not having enough cash over the years to be maintained properly....and that is why they are a mess now..



Well, all our neighbouring African countries, including the oil produicers, pay above n300 per liter of fuel at the pump...meaning that cuntries like Niger are able to keep their refinery running to the point where they can export...because they make enough of a profit to keep it running.

Petrol is expensive. And before you abuse me....I don';t like the fact it is expensive. But thanks to decades of keeping prices of petrol artifically low...we have bad refineries, we spend more money subsidising fuel than we do on educaiton and health, and we also lose billions to smuglling of our cheap fuel to all our neighbours...right now we are subsidsing fuel for other african countires. Removing subsidy will end that problem...and give us functional refineries.

See Venezuela. That country sells fuel at N40 per liter...and they lose 18 billion dollars annually to smuggling.



And you believed him? You believed the word of a school cert holder who did not know what he was talking about? Sigh.

Let me begin from your submission and last paragraph.

Ever heard the saying " you can't build something on nothing?"
If you advise me not to believe "the word of a school cert holder who did not know what he was talking about", how then do you expect me to believe him now that he wants to remove the same subsidy he never knew existed? Isn't that foolishness, stupidity and double standards? If I can't trust an aspiring president at the time, who had consistently contested for president from the 2000s, one who had been the head of state in the 1980s where, as you mentioned, subsidy was introduced and had been PTF Chairman under Abacha to know about subsidy, how do you expect me to trust him now to successfully remove subsidy? You can't build something on nothing my friend.

Venezuela "smuggle" fuel because of the sanctions placed against them by the US. The US punishes anybody that legally buys fuel from them. Heard the case of Saad arrested in Cape Verde? So, never compare Venezuela's case with Nigeria.

You talked about wasting money that was supposed to be used for education and the rest on subsidy. The money appropriated to the various ministries are they being accounted for?

In the last five years, the Aso Rock clinic alone has received N10 billion, more than all teaching hospitals in the country combined, Google it, the facts are there. Yet, the president is currently in London for "check-ups". N10b could not fix a standard hospital for the president to use. I believe that removal of subsidy is the best thing to do, I and many other Nigerians don't just trust Buhari and his 40 thieves to do it.

When you say "all our neighbouring countries, including the oil producing countries pay above n300 for fuel" what do you mean by that?

Nigeria is the largest oil producing country in Africa, with an average of 1.9 million barrels per day.

Nigeria is followed by Angola. A litre of fuel in Angola is 160 AOA, that's equivalent to N96.83.

Followed by Algeria. A litre of fuel in Algeria is 45 dinar, equivalent to N132.

Did you see that, though Nigeria produces even more than the rest, our current price is still higher?
The other African countries you mentioned have no oil. The Niger you mentioned produces only 13,000 barrels per day as against Nigeria's 1.9 million barrels.

In economics, when the supply is high, the price goes down. Nigeria supplies the highest in African, yet, sell the most expensive among all oil producing countries in Africa.
What are you even saying bros

And yes, people had started bidding for the "scrap" to buy before this scam of repairs was introduced.

1 Like

Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by Emmy000seun(m): 10:21am On Apr 07
Money has went into a wrong account embarassed embarassed..how will this country get rid of corruption and insecurity ..I bet that some part of this money will go into arms which will get to the wrong hands,...and cash out for Dubai too because more house will be bought.. angry
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by dikeigbo2(m): 10:21am On Apr 07
backward government....keep on refurbishing old and obsolete equipments while the said amount can build 2 to 3 modern refineries.....business as usual
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by Oizatobad(m): 10:23am On Apr 07
UNDER NNPC NO REFINERIES FUCTION AND NIGERIA PEOPLE CANNOT TAKE IT DOWN WHEN IT'S NOT BENEFIT NIGERIA people
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by Sonn(m): 10:24am On Apr 07
Despite public outcry condemning the EXORBITANT nature' these THIEVES still went ahead with the project, this APC GOVERNMENT is the worst of all, what a pity and SHAME,
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by MrNipplesLover(m): 10:35am On Apr 07
Refinery that would still be abandoned after spending the 1.5b dolls on it.

This country is just long dead.
What a country.


SMH.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by hammerDK: 10:48am On Apr 07
IF THEY USE THAT MONEY TO START BUILDING NEW REFINERY INPORT HARCOURT, WHAT WILL HAPPEN.


OR IS THIS ANOTHER BUDGETED LOOT, SINCE WE KNOW NO AMOUNT OF MONEY CAN FIX PORT HARCOURT REFINERY.



ALL I KNOW IS DAT BUHARI IS A BASTARD.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by GracefulBunmi(m): 10:49am On Apr 07
Awon werey..... grin
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by eastOFwest(m): 10:55am On Apr 07
In 1995 another Italian company SOIMI Spa was given the contract to rehabilitate the old PH refinery. They did a very shoddy job. Where the spec called for replacement of old pipes, these crooks were sandblasting old pipes and welding them back. Pipes that were installed in the early 60s??!! Cutting corners and saving 100s of millions for their pockets is their speciality. The NNPC engineers that were supposed to police the project were bribed to keep their mouth shut. They'll come to the site with big belly, hard hat and the the trousers of their agbada tucked into their safety boot. You could clearly see that they looked out of place in an engineering site. They were endlessly ridiculed by the Italians behind their back and they could barely disguise their disgust for them. I was there as an IT student and I felt so ashamed of my country people.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by Specialjenny: 10:57am On Apr 07
Dream come true my foot!!
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by CSTRR: 11:50am On Apr 07
The way they are consuming this country like locusts is not fair o.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by CSTRR: 11:53am On Apr 07
Neutralobserver:


Isn't it more of a waste to keep a non-functional refinery non-functional?
No.

Sell the parts for scraps and send everybody home.

Invest the money into something else.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by Superboss: 12:18pm On Apr 07
Neutralobserver:


Would you buy a broken down refinery , which you would have to spend money to fix again...on top of the money you spent buying it?

That's the problem

Ppl buy scrap, bro.
Companies buy scrap too.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by koning: 12:19pm On Apr 07
$1.5b contract awarded to an Italian company?!. THIEVES. Dangotes own can serve the entire nation. Let us wait for that please.

This is nothing but brazen corruption.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by Nobody: 12:33pm On Apr 07
IamNumeroUno:


Let me begin from your submission and last paragraph.

Okay

Ever heard the saying " you can't build something on nothing?"
If you advise me not to believe "the word of a school cert holder who did not know what he was talking about", how then do you expect me to believe him now that he wants to remove the same subsidy he never knew existed? Isn't that foolishness, stupidity and double standards? If I can't trust an aspiring president at the time, who had consistently contested for president from the 2000s, one who had been the head of state in the 1980s where, as you mentioned, subsidy was introduced and had been PTF Chairman under Abacha to know about subsidy, how do you expect me to trust him now to successfully remove subsidy? You can't build something on nothing my friend.

Which is why I didn't vote for him or support him, or beleive him when he said there was no subsidy. You on the other hand chose to beleive him and vote for him because N40 fuel was so alluring to you.



Venezuela "smuggle" fuel because of the sanctions placed against them by the US. The US punishes anybody that legally buys fuel from them. Heard the case of Saad arrested in Cape Verde? So, never compare Venezuela's case with Nigeria.

Nope, Venezuela is free to supply crude to china and russia and cuba, for example. They also sell oil in the US via Citigo oil....plus the smugglig happens because the smugglers make a lot of money

To stop the smuggling, Maduro their leader removed subsides partally over a year ago. The issue was to make it unattractive to smuggliers to smuggle fuel to countries like colombia...

You obviously don't understand how a subsidy works....no wonder you beleived Bubu so easily. cheesy

You talked about wasting money that was supposed to be used for education and the rest on subsidy. The money appropriated to the various ministries are they being accounted for?

We need, for example according to the ASUU-FG agreement of 2009, 3 TRILLION naira over 2 years in extra funding for universites...money that has not been paid because subsiidy, among other things

Yes corruptiuon is affecting the money, but it is too small to begin with. We need a larger amount of money than we are spending right now on education, health, etc. Saying that does not mean I excuse government corruption or mismanagement.


I
n the last five years, the Aso Rock clinic alone has received N10 billion, more than all teaching hospitals in the country combined, Google it, the facts are there. Yet, the president is currently in London for "check-ups". N10b could not fix a standard hospital for the president to use. I believe that removal of subsidy is the best thing to do, I and many other Nigerians don't just trust Buhari and his 40 thieves to do it.

Yeah...there are many reasons not to vote for APC. Or PDP. So, go ask his supporters how their leader spends the cash, not me.

The corruption in APC is bad. Lord knows that's why I don't back them

When you say "all our neighbouring countries, including the oil producing countries pay above n300 for fuel" what do you mean by that?

Niger, Benin, and Togo spend above N300-400 per liter of fuel. Cameroon spends N418 PER LITER. These costs can be verified online.

Nigeria is the largest oil producing country in Africa, with an average of 1.9 million barrels per day.

Nigeria is followed by Angola. A litre of fuel in Angola is 160 AOA, that's equivalent to N96.83.

Followed by Algeria. A litre of fuel in Algeria is 45 dinar, equivalent to N132.

And Angola and ALGERIA HAVE LESS than 50 million people each...while we have 200 million people...so they have more cash to spend subsidisng fuel. We have far more people than they do.

Our large peopulaiton is one of many reasons why we cannot just live on oil alone....and why your APC has failed in their promised diversificaiton.


Did you see that, though Nigeria produces even more than the rest, our current price is still higher?

Do you expect a FAMILY of ten to eat the same as a family of three , on the same income?

The other African countries you mentioned have no oil. The Niger you mentioned produces only 13,000 barrels per day as against Nigeria's 1.9 million barrels.

And Niger runs its refineries on profit...so they have the money to pay for refinery repair.

Plus Canada produces far more oil than we do, yet oil costs over N300 there.

In economics, when the supply is high, the price goes down. Nigeria supplies the highest in African, yet, sell the most expensive among all oil producing countries in Africa.
What are you even saying bros

That because we have been selling fuel below the produiction price, we cannot run our refionereis profitably....hece they have fallen into a mess.

And yes, people had started bidding for the "scrap" to buy before this scam of repairs was introduced.

Name them. I',m waiting.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by RuudVanNisteroy: 12:36pm On Apr 07
oilking:
Hmm
Cash out
Cash NNPC
Them don pin their clients (nigerians)

Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by Nobody: 12:37pm On Apr 07
Superboss:


Ppl buy scrap, bro.
Companies buy scrap too.

And was anyone lining up to buy the scrap?

Be reasonable.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by Nobody: 12:37pm On Apr 07
CSTRR:

No.

Sell the parts for scraps and send everybody home.

Invest the money into something else.

Have you heard of anyone buying a scrap refinery?

Let them fix it, and let it run properly.
Re: NNPC Signs $1.5 Billion Contract For Rehabilitation Of PH Refinery by Hallabee1(m): 1:40pm On Apr 07
Aje...

I spent three yrs for Alesa also Ebubu, Alode and so, I left, gbam, contract ....

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