Piddo:

Can you please do thesame for Petroleum Refining and Strategic Reserve Limited?

You can go to www.cac.gov.ng/ and call them to verify the details of the company. There is a process to follow. Dont ask me to do that for you, cos you dont pay me.

Kx:

When were the 6 refs established?
Is signing an "mou to build" same as establishing?

The processes are in progress. That is key.

Billyonaire: APOLOGIES IF YOU FELT INSULTED BUT I CANT EXCUSE SOME LEVEL OF IGNORANCE WITHOUT LASHING OUT.

Vulcan Oil & Chemical Products aka The Cincinnati Vulcan Company Inc.

5353 Spring Grove Ave
Cincinnati, OH 45217

BBB Review |

BBB Accredited Business since 4/25/2005
The Cincinnati Vulcan Company Inc.

Phone: (513) 242-2672 5353 Spring Grove Ave, Cincinnati, OH 45217 customerservice@vulcanoil.com
WEBSITE: http://www.vulcanoil.com

Quite funny @Billyonaire is lashing out at Ignorant peeps. Wheres you're displaying your own ignorance as well. The Vulcan Petroleum or Energy that signed an MOU with Nigeria is not the Vulcan Oil you typed above. If you conducted a little due diligence or you have a fair knowledge of the subject matter, you'll even realise that the company whose website you put above is into the sales & distribution of oil products.

The best thing that will happen to Nigeria is for these 6 refineries to be established. I know Goodluck will ensure this. But all these greedy Nigerian benefiting from the importation of oil will try to jeopardize the effort. They will all fail this time. It’s time to stop the Cabals from playing with our lives. Spending more than 1trillion naira on subsidy in one year is crazy. That money can build more than 10refineries and crate more than 5000 or more jobs in Nigeria.

tipslala:


Quite funny @Billyonaire is lashing out at Ignorant peeps. Wheres you're displaying your own ignorance as well. The Vulcan Petroleum or Energy that signed an MOU with Nigeria is not the Vulcan Oil you typed above. If you conducted a little due diligence or you have a fair knowledge of the subject matter, you'll even realise that the company whose website you put above is into the sales & distribution of oil products.

Go and sleep my friend. I have no tyme to make you have allegiance to your government. If we all keep shouting and criticizing the government, it changes nothing. Abi you wan carry gun and matchet enter road and start shooting government officials ? I am just spending time to validate what I know is right and your job is to criticize. Congrats for being the next El-Rufai and Bakare. But remember, united we standard, divided we fail.

Billyonaire: So the final question is why are top refinery operators in the world & major international oil companies not building refineries in Nigeria? Why is Aganga signing an MOU with "a certain" Vulcan Energy all in the bid to show that government is doing something? Well, do the maths! ...Tope

Its because the above question is silly. Top refinery operators dont risk their money where there is kidnapping, terrorism and standard economic principles. The second question is also silly, because the best thing to do is, go to America's BBB online (Business Bureau) to check the profile of the company, the history and case studies. I think the main problem with us in the country is graduating from Universities and thinking we are educated and intelligent. It takes more than paper certificates to be successful. Vulcan Energy if you check with the US bureau has excellent track records.

Lol.. the questions are not actually silly, you just don't have the right answers or proper knowledge of the subject matter. This really has nothing to do with kidnapping or terrorism. Else, oil companies won't be operating in Iraq & Iran. Companies are even at the moment exploring for oil in the Putland area of Somalia. So if the economics & geopolitical situations make sense, companies will weigh their risks and can decdie to invest.

As per Vulcan Energy having excellent track records with the US bureau, I guess you confuse the Vulcan Energy backed by Paul Allen (of Microsoft) with the Vulcan Petroleum we're talking about here.

johnnyemman: How can you sign such a contract with a company that does not have a website?..........Nigeria we keep fooling ourselves, this is another way of taking funds out of Nigeria, OBJ did the same with a chiness comapny abt rail road. How can you sign 4.5 Billion dollar with a company that does not have a website.

I suprised too...

tipslala:


Lol.. the questions are not actually silly, you just don't have the right answers or proper knowledge of the subject matter. This really has nothing to do with kidnapping or terrorism. Else, oil companies won't be operating in Iraq & Iran. Companies are even at the moment exploring for oil in the Putland area of Somalia. So if the economics & geopolitical situations make sense, companies will weigh their risks and can decdie to invest.

As per Vulcan Energy having excellent track records with the US bureau, I guess you confuse the Vulcan Energy backed by Paul Allen (of Microsoft) with the Vulcan Petroleum we're talking about here.

Congratulations!

Can someone tell me how to fall in love with a Brazilian model, I wanna go on s3x tourism

Billyonaire: It is not necessary to criticize without first making efforts to research. Why do I have the courage to research and you just criticize without making efforts ? Its the difference between you and me. I find facts. Cos I am interested in the opportunities that might come.

I guess that courage made you dismiss the people calling for their website?

You should have simply point to the link instead of saying 'many companies don't run website', as if it's not necessary.

And in your research efforts, please point to where I criticize you without making efforts?

Billyonaire: Go and sleep my friend. I have no tyme to make you have allegiance to your government. If we all keep shouting and criticizing the government, it changes nothing. Abi you wan carry gun and matchet enter road and start shooting government officials ? I am just spending time to validate what I know is right and your job is to criticize. Congrats for being the next El-Rufai and Bakare. But remember, united we standard, divided we fail.

Well unfortunately you're not validating anything. Instead you're misinforming us, criticizing other people's submissions and insulting them. BTW, you're also dishing out totally wrong information.
True we stand united, but we don't all have to stand united behind what is wrong or faulty.

porka:

I guess that courage made you dismiss the people calling for their website?

You should have simply point to the link instead of saying 'many companies don't run website', as if it's not necessary.

And in your research efforts, please point to where I criticize you without making efforts?

Guy, lets meet some where and drink some bottles, lets forget about this matter. May be we need to spend more money on Business seminars and symposiums.

Billyonaire: Go and sleep my friend. I have no tyme to make you have allegiance to your government. If we all keep shouting and criticizing the government, it changes nothing. Abi you wan carry gun and matchet enter road and start shooting government officials ? I am just spending time to validate what I know is right and your job is to criticize. Congrats for being the next El-Rufai and Bakare. But remember, united we standard, divided we fail.

Check out the Vulcan Oil link you posted, you goofball.

tipslala:


Well unfortunately you're not validating anything. Instead you're misinforming us, criticizing other people's submissions and insulting them. BTW, you're also dishing out totally wrong information.
True we stand united, but we don't all have to stand united behind what is wrong or faulty.

Yes, I think the best thing to do is just join the government and steal some money and buy private jets. Isnt that a lovely idea ?

Billyonaire: I think this investment might be coming from the US government reps via a venture capital firm, the website http://www.vulcancapital.com This kind of massive investment is something that Obama may have put pen on paper especially when there was a warning to citizens about safety in Nigeria. I feel its government move.

Thank you!

BTW, Vulcan Capital Management is a NY based PE firm that invests in energy industries and Vulcan Energy International (one of their capital portoflios) if I'm correct, are the ones investing in this...

Piddo:

Check out the Vulcan Oil link you posted, you goofball.

goofball? thats a nice name for me. I envy your intelligence.

To those of you who are thinking Vulcan monopoly down the line, what exactly are we getting all worked up for? This is a 180 kbpd. How much petrol, diesel, jet fuel, kerosene and others are going produced from this refinery? At the most, they'll probably produce 45 kbpd of petrol, 63kbpd distillates (inluding diesel, jetfuel and kerosene). This is assuming that the plant will be a very complex refinery which i doubt. What impact will these products/figures have on local demand and supply? Don't forget that all our current refineries have installed capacity 445 kbpd.

In summary, I think this is a good development. MOU is a good start, it doesn't really translate into a full functioning refinery. There are other dynamics that plays into building the refinery itself including getting actual funding, design timeline, securing crude oil and others. Plus this is a good FDI into the country assuming the plant eventually get built...and not that people are just trying to play with our collective intelligence.

I hope this is not a ploy to secure oil blocks...with the promise to build refineries and other infrastructure. Just like some companies are doing now.

ismhab: Fresh Air.

The air would be more fresher come 2015. When you're always critical abt what ever the President does, you wil never appreciate whatever he does. One Nigeria my foot!

Billyonaire: goofball? thats a nice name for me. I envy your intelligence.

You need glasses too? Goofball not goodball. You entered this topic like someone with an intelligent contribution to make and I cringe at the fact that I took time to respond to you in a civil manner. Obviously you are out of your depths here. Go and "hire" somebody will you?

Shell Pays Federal Govt $46B Oil Tax in 4 Years


Shell Pays Federal Govt $46B Oil Tax in 4 Years
by Mohammed Shosanya
|
Daily Trust (Abuja)
|
Wednesday, May 09, 2012
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Shell said it paid the Federal Government $46 billion (N7.2 trillion) oil tax revenue in four years from 2007 to 2011.

The company's briefing notes obtained by our correspondent states that Shell Petroleum Development Company paid about $38 billion as tax and royalty, while its offshore arm, Shell Nigeria Exploration and Production Company paid $6 billion during the same period.

The multinational oil company also said it contributed over $164.1 million to the Niger Delta Development Commission last year as required by law.

Additionally, $76.3 million was directly invested by the company towards addressing social and economic development challenges in the region, according to the notes.

Shell said its gas flaring dropped by over 60 percent between 2002 and 2011 from over 0.6 billion cubic feet a day to about 0.2 bcf/d, adding that flaring intensity was almost halved in the same period, from about 0.80 Mscfd/bbl to 0.45 Mscf/bbl.

According to the company, despite the restiveness in the Niger Delta and delays in the Nigerian National Petroleum Corporation contract approval processes, it installed associated gas gathering infrastructure at 36 sites between 2000 and 2011 covering about 65 percent of its associated gas production.

It, however, said 18 of these facilities were either vandalized or not commissioned because of the crisis in the Delta region between 2006 and 2010.

Shell said: "In May 2010, following improvement in the security situation in the Niger Delta, SPDC resumed work on additional gas gathering projects. By the end of 2011, seven of the vandalized facilities had been completed and work is underway at 17 new sites.

"The associated gas to be gathered will be available for use in power stations and by industries. When completed, these projects will extend AGG coverage to more than 90 per cent of the associated gas produced in our operations. SPDC estimates the entire AGG program will cost over $6 billion when completed."

Copyright 2012 AllAfrica Global Media. All Rights Reserved
http://www.rigzone.com/news/article.asp?a_id=117725


$46BILLION DOLLARS AND YET WE ARE STILL STRUGGLING TO REPAIR OUR REFINERIES. HOWEVER,IT COSTS $4.5 BILLION TO BUILD JUST 6 REFINERIES,WHEN WE HAVE OVER $46BILLION THAT CAN FETCH US 10 REFINERIES.
FROM THE ARTICLE ABOVE,THIS TAX PROCEEDS OF $46BILLION IS JUST FROM SHELL ALONE, NOT TO TALK OF EXXONMOBIL, TOTAL,CHEVRON,AGIP ETC.
NA GOD GO HELP US FOR THIS NIGERIA.

japan will build another japan inside nigeria. russia will make nigeria a steel country. afghanistan will supply nigeria with terrorists. boko haram will end in june, nigeria will become a world power in 2020, nigeria will be more developed than benin republic in 3021, oil will be free to nigerians in 5020, agriculture will flourish in nigeria in 2052, democracy will be our national anthem in 2025, wow, what a WILL govt?
the only thing you can use IS under this govt is corruption. nigeria is a corrupt country. jonathan and his group are corrupt. pdp is a corrupt party. it is a shame.

$46BILLION DOLLARS AND YET WE ARE STILL STRUGGLING TO REPAIR OUR REFINERIES. HOWEVER,IT COSTS $4.5 BILLION TO BUILD JUST 6 REFINERIES,WHEN WE HAVE OVER $46BILLION THAT CAN FETCH US 10 REFINERIES.
FROM THE ARTICLE ABOVE,THIS TAX PROCEEDS OF $46BILLION IS JUST FROM SHELL ALONE, NOT TO TALK OF EXXONMOBIL, TOTAL,CHEVRON,AGIP ETC.
NA GOD GO HELP US FOR THIS NIGERIA.[/quote]

Did you care to find out who is bringing in the cash before you shout in capital blue ?

Piddo: It is not yet Uhuru for Nigerians. At face value, this appears a laudable project but has anyone bothered to think how the investors will make their money back? You and I will pay for it for over many decades to come. Upon completion, the FG will ban importation of petroleum products and Nigerians will have to pay the rate dictated by the "investors" for their product. If only the FG was honest about fighting corruption, fixing the nations 4 refineries would have been best for Nigerians but now we have invited people in with billions of dollars and surely, its no charity!! Nigerians will pay dearly for it in the end.




Source

No you wont, it'll be we Americans whom will be paying fort.. in that the refineries in which they'll be building over there will replace the many in which they've closed here over the last 2 years. There was a big stink made about it over here in the US recently, because all up and down the east coast refineries were being closed and or downsized due to complaints of the owners insinuating that the operational costs where too much, primarily because of labor expenses. Many of the companies stated that it'll be more cost effective for them to refine the oil over seas and imported the finished products to the US than to refine it here in the US. This was just a year and half to 2 years ago, and it's obvious that this Nigerian investment is a result of that.

1025: japan will build another japan inside nigeria. russia will make nigeria a steel country. afghanistan will supply nigeria with terrorists. boko haram will end in june, nigeria will become a world power in 2020, nigeria will be more developed than benin republic in 3021, oil will be free to nigerians in 5020, agriculture will flourish in nigeria in 2052, democracy will be our national anthem in 2025, wow, what a WILL govt?
the only thing you can use IS under this govt is corruption. nigeria is a corrupt country. jonathan and his group are corrupt. pdp is a corrupt party. it is a shame.

Lets say I agree with you, this is what i will do. Stupid Government, silly President. Jonathan....then what next ?

I salute the FG's resolve to attract foreign investors to petroleum refining. When I saw it on twitter this morning, my heart was full of joy. The MOU signed by Aganga is strategic given the volume of money to be invested. The journey of a thousand miles begins with a step so those who wish for a refinery to evolve overnight lack a basic understanding of the processes involved. It must however be admitted that there are serious challenges to the take off of this project. I have serious doubts that any investor will like to invest in refineries under the present subsidy regime. This is so because it's easier, cheaper and more profitable to import than to engage in the Herculean adventure of building refineries. Secondly, no investor would want to invest in a sector where prices are fixed by govt. in other words, prices should be cost reflective and dictated by the forces of supply and demand. This brings me back to the subsidy issue. It's difficult to attract Foriegn Direct investments into our petroleum refining, if subsidy is not removed and our downstream sector fully deregulated. I know this view may be very unpopular but that is the bitter and honest truth. It's economics not sentiments. The subsidy regime makes it very lucrative to import and sell and recoup investments immediately without stress. It takes a father Christmas investor to shun the attractive offer that importation holds. So I want to believe that the FG thru Aganga has really done an extraordinary engagement by this deal. We must commend them seriously and pray it works.

Billyonaire:


$46BILLION DOLLARS AND YET WE ARE STILL STRUGGLING TO REPAIR OUR REFINERIES. HOWEVER,IT COSTS $4.5 BILLION TO BUILD JUST 6 REFINERIES,WHEN WE HAVE OVER $46BILLION THAT CAN FETCH US 10 REFINERIES.
FROM THE ARTICLE ABOVE,THIS TAX PROCEEDS OF $46BILLION IS JUST FROM SHELL ALONE, NOT TO TALK OF EXXONMOBIL, TOTAL,CHEVRON,AGIP ETC.
NA GOD GO HELP US FOR THIS NIGERIA.

Did you care to find out who is bringing in the cash before you shout in capital blue ?

Meaning?

NEWS: Government is removing subsidy
NAIRALAND: Why not build new refineries and repair old ones.

NEWS: Government has approved money to repair old refineries but the turned around refineries cant sustain the populace.
NAIRALAND: Build new refineries damn it...

NEWS: Government has signed MoU with American firm, to invest billions of dollars to build 6 new refineries.
NAIRALAND: Stupid government, they want to eat money, why IS the company that is bringing money not have website ?

lol......

I hope they are not sending any of these refineries to the north where there is no oil and lots of terrorists looking for things and people to blow up.

Billyonaire: Its called Foreign Direct Investment (FDI) in business, the Nigerian company is there because there must be local partnership and the Feds is there cos it has to influence price regime to be favorable to Nigerians, the Money from FDI comes from the 3 parties, the Foreigners bring the technical know-how as well as some financial obligations. I am responding to you because you showed genuine ignorance, now that you are educated on this, please tell your neighbor.

FDI my shyit!! YOU HAVE NEITHER ANSWERED THE QUESTION IN THE POST NOR GIVE A PROPER DEFINITION ON FDI.

THE BOTTOM LINE IS: LET US SEE THE REFINERIES!!!

AS USUAL, THIS IS JUST ANOTHER SCAM. IT IS SAID AND SIGNED (PROBABLY) AND IT ENDS THERE. WITH THIS KIND OF GOVERNMENT NO GENUINE INVESTOR WILL DO ANYTHING HERE. VULCAN ENERGY OR WHATEVER THEY ARE CALLED, WILL NOT RETURN TO NIGERIA AFTER THIS SHOWMANSHIP.QUOTE ME. IF YOU HAVE A CONTRARY OPINION SHOW ME HOW MANY INVESTORS HAVE INVESTED IN NIGERIA IN THE PAST THREE YEARS AFTER THOSE THAT ATTEMPTED BEFORE GOT THEIR FINGERS BADLY BURNT. FOR YOUR INFORMATION THE CONSTRUCTION CONTRACTORS WILL SOON BE ON THEIR WAY OUT OF NIGERIA BECAUSE GOVERNMENT HAVE CONSISTENTLY SHOWED THAT IT CAN NOT HONOR CONTRACTUAL AGREEMENTS THEY WILLINGLY ENTER INTO, IN MOST CASES WITH MEDIA HYPE.

Piddo: It is not yet Uhuru for Nigerians. At face value, this appears a laudable project but has anyone bothered to think how the investors will make their money back? You and I will pay for it for over many decades to come. Upon completion, the FG will ban importation of petroleum products and Nigerians will have to pay the rate dictated by the "investors" for their product. If only the FG was honest about fighting corruption, fixing the nations 4 refineries would have been best for Nigerians but now we have invited people in with billions of dollars and surely, its no charity!! Nigerians will pay dearly for it in the end.




Source

Oga, the essence of bringing in investors, is to stop importation and thereby reducing and controlling the price of this product.

'To Build', 'Set to', 'Poised to', MOU this and MOU that. Shut up and work. We want to read - 'FG commissions...', 'ABC refinery with ijk bbl/d comes on stream...', 'XYZ power station feeds ABC MW to national grid...', ' ABC university develops XYZ electronic device that will compete with similar product in China', etc. That is what we want to hear! We've been hearing MOUs and their likes since the days of Sani Abacha! Please, spare us the rhetoric and get down to work. Then come back and announce your successes so we can congratulate you and celebrate as a nation! And please stop wasting government resources on paid nairaland propagandists - they have infiltrated this community with their government-resources backed power to drum the rhetorics into our ears. We are tired! Let us celebrate substance for once! Please give us something substantial to celebrate! haba, is this too much to ask?

Nicklee: 'To Build', 'Set to', 'Poised to', MOU this and MOU that. Shut up and work. We want to read - 'FG commissions...', 'ABC refinery with ijk bbl/d comes on stream...', 'XYZ power station feeds ABC MW to national grid...', ' ABC university develops XYZ electronic device that will compete with similar product in China', etc. That is what we want to hear! We've been hearing MOUs and their likes since the days of Sani Abacha! Please, spare us the rhetoric and get down to work. Then come back and announce your successes so we can congratulate you and celebrate as a nation! And please stop wasting government resources on paid nairaland propagandists - they have infiltrated this community with their government-resources backed power to drum the rhetorics into our ears. We are tired! Let us celebrate substance for once! Please give us something substantial to celebrate! haba, is this too much to ask?

SUPPORTED...i feel you die