Former Vice President was indeed correct in the statement he released condemning the proposed $1.5 billion dollars that was approved by FEC to be spent on the Turn Around Maintenance (TAM) for the NNPC run Port Harcourt refineries.

Royal Dutch Shell PLC subsidiary Equilon Enterprises LLC (dba Shell Oil Products US) has completed the previously proposed sale of its 157,000-b/d dual-coking refinery and integrated logistics assets at Martinez, Calif., to PBF Energy Inc. subsidiary PBF Holding Co. LLC for $1.2 billion.

The Martinez refinery includes sale of the refinery, adjacent truck rack and terminal, existing refinery inventory, crude oil supply, product offtake agreements, and other adjustment.

In comparison the two Port Harcourt refineries with a capacity of 210,000 b/d utilization remains at 0%.

https://www.shell.com/media/news-and-media-releases/2020/shell-finalizes-sale-of-martinez-refinery.html
https://nairametrics.com/2019/12/17/refinery-operations-still-loss-making-capacity-utilisation-of-the-four-refineries-still-0/

Frontpage Lalasticlala,Mynd44,Domnique.

Timipyre Sylva and the incompetent corrupt dullard are about to join Forbes list.

Silva's intentions may be noble but d cost is high. pH refinery must be fixed by GMB

slivertongue:
Silva's intentions may be noble but d cost is high. pH refinery must be fixed by GMB

Atiku Useless Criminal.

rexwalters:
Atiku Useless Criminal.

interrogate issue before calling anyone names. he is right. we must spend wisely.

slivertongue:
Silva's intentions may be noble but d cost is high. pH refinery must be fixed by GMB

Which good intentions did he have when he ruled oil rich Bayelsa state from 2008-2012, which has produced the most corrupt and incompetent governors in the history of the nation. Even arid northern states like Borno and Zamfara are more developed than Bayelsa, despite receiving one of the highest allocations in the country.

rexwalters:
Atiku Useless Criminal.

No one is disputing that, let us focus on the subject matter.

slivertongue:


interrogate issue before calling anyone names. he is right. we must spend wisely.

Buhari and Timipyre Sylva should both be tried at International Criminal Court, The Hague, Netherlands, for crimes against the Nigerian treasury.

Martinez refinery sold by Shell for $1.2 billion dollars.


https://www.youtube.com/watch?v=0h1bieHrX4U

I have a feeling that a buyer or an investor may have taken a look at the refineries and demanded that certain things be done before bid. Otherwise, if it is ordinarily to CHOP money, Kaduna refinery would have used instead of Port Harcourt. Moreover, if Gov. Wike sounded upbeat about the idea and expressed hope that money would be released, it tells you it is not completely a 'heist'.

Of course, as with everything that involves Nigerian public servants and businesspersons, points of leakage may have been deliberately created, which may have pushed up the cost. It is already our trademark and Atiku Abubakar would have done worse considering how African Petroleum PLC became Sadiq Petroleum overnight when he was the VP.

festacman:
I have a feeling that a buyer or an investor may have taken a look at the refineries and demanded that certain things be done before bid. Otherwise, if it is ordinarily to CHOP money, Kaduna refinery would have used instead of Port Harcourt. Moreover, if Gov. Wike sounded upbeat about the idea and expressed hope that money would be released, it tells you it is not completely a 'heist'.

Of course, as with everything that involves Nigerian public servants and businesspersons, points of leakage may have been deliberately created, which may have pushed up the cost. It is already our trademark and Atiku Abubakar would have done worse considering how African Petroleum PLC became Sadiq Petroleum overnight when he was the VP.

If you spend $1.5 billion dollars to rehabilitate it. Then how much are they going to sell it for if that was the case with the investor?
The TAM for the refineries has been used since time immemorial to loot billions of dollars.

RuudVanNisteroy:

If you spend $1.5 billion dollars to rehabilitate it. Then how much are they going to sell it for if that was the case with the investor?
The TAM for the refineries has been used since time immemorial to loot billions of dollars.

I have my doubts that post-COVID-19, FG will commit scarce forex to refineries for the fun of it. For a government needing financial facilities for its basic infrastructure from international bodies including China, it is too foolhardy to commit such hefty sum to annual TAM of Nigeria's refineries that is already globally notorious.

Your fact check does not make sense. It does not correlate at all.

One refinery is in the US and another one in Nigeria.

Martinez refineries produce 161k barrel per day.

Port Harcourt refineries consist of 2 refineries that produce a combine 210k per day.

Port Harcourt refinery is the biggest in Nigeria, if there is total break down then the money is justified for repairs

What is the current market value of Port harcourt refinery??

thebosstrevor1:
Your fact check does not make sense. It does not correlate at all.

One refinery is in the US and another one in Nigeria.

So it is commendable we use such humonguos amount to repair an unproductive refinery while a brand new refinery of a higher capacity is being built rom scratch by Dangote for almost same amount. Are you really ok

Akwamkpuruamu:


So it is commendable we use such humonguos amount to repair an unproductive refinery while a brand new refinery of a higher capacity is being built rom scratch by Dangote for almost same amount. Are you really ok

Port Harcourt refineries consist of 2 refineries with capicity of 210k barrels per day.

If they want to put it in order in order to compete with dangote, i am in for it.

Dangote is building a 650k barrel per day refinery and it is costing him almost 10 billion dollars to build.

festacman:


I have my doubts that post-COVID-19, FG will commit scarce forex to refineries for the fun of it. For a government needing financial facilities for its basic infrastructure from international bodies including China, it is too foolhardy to commit such hefty sum to annual TAM of Nigeria's refineries that is already globally notorious.

This same FG that approved N800 billion for the reconstruction of the existing Abuja-Kano road at record breaking N2.1 billion per kilometre in the arid north. While Redeemed Church was able to complete a 8.2 kiliometre road at N22.9 million per kilometre.

Is this the same government your vouching for?

thebosstrevor1:
Your fact check does not make sense. It does not correlate at all.

One refinery is in the US and another one in Nigeria.

Martinez refineries produce 161k barrel per day.

Port Harcourt refineries consist of 2 refineries that produce a combine 210k per day.

Port Harcourt refinery is the biggest in Nigeria, if there is total break down then the money is justified for repairs

Look at the two crooks in charge of the supervision of the $1.5 billion project, Buhari and Timipyre Sylva, and you expect judicious use of the funds.
We have seen have effective Buhari was at supervising the Service Chiefs billions of dollars in arms procurement for the armed forces, that a former Chief of Staff who owns multiple million dollar properties in Dubai was bold to say he got the funds from his snake farm.

Buhari and Timipyre Sylva will own a small segment of Dubai after the project is completed.

RuudVanNisteroy:

Look at the two crooks in charge of the supervision of the $1.5 billion project, Buhari and Timipyre Sylva, and you expect judicious use of the funds.
We have seen have effective Buhari was at supervising the Service Chiefs billions of dollars in arms procurement for the armed forces, that a former Chief of Staff who owns multiple million dollar properties in Dubai was bold to say he got the funds from his snake farm.

Buhari and Timipyre Sylva will own a small segment of Dubai after the project is completed.

Is buhari and timipyre sylva the issue or the upgrade.

The bulk of funding is coming from Afreximbank and projects will be finished in different phrase 18, 24 and 44 months.

The contract have been awarded to an Italian company, called Tecnimont SPA

thebosstrevor1:


Is buhari and timipyre sylva the issue or the upgrade.

The bulk of funding is coming from Afreximbank and projects will be finished in different phrase 18, 24 and 44 months.

The contract have been awarded to an Italian company, called Tecnimont SPA

Buhari won't be in power by then and would have retired to Dubai with Aisha. You are novice if you think awarding it to an Italian company gives this scam deal legitimacy.

When the funding is obtained will it not be in the control of the corrupt incompetent dullard and Timipyre Sylva to sign off payments to the Italiam firm.