₦airaland Forum

By Emman Ovuakporie &Johnbosco Agbakwuru ABUJA - MINISTER of State for Petroleum and Group Managing Director of Nigeria National Petroleum Corporation, NNPC, Dr. Emmanuel Ibe Kachikwu yesterday said that the four refineries in the country will require between $300 million to $500 million to function effectively. The minister disclosed this during an interactive meeting with the joint House of Representatives Committee on Gas Resources, Petroleum (Downstream and Upstream) and Local Content chaired by Rep Victor Nwokolo over the controversy on the recent unbundling of NNPC to 30 companies. He acknowledged the communication gap between his office and the National Assembly on the issue of unbundling of the NNPC, adding that the concerns expressed by members were legitimate. Kachukwu said that the "unbundling was used to qualify the sub-sects" otherwise called 'Divisions', and not companies as would have been applicable to the actual unbundling of the Corporation as stipulated in the PIB. He assured that the restructuring of NNPC will help in achieving 16 to 18 month self-sufficiency of supply of Petroleum products as well as the establishment of the modular type refineries by investors as contained in the recent advert placed by the Corporation. He noted that when the 650,000 refinery planned by Dangote Group comes on-stream by 2020, it would boost domestic refining capacity, adding that the policy was to drive the oil marketers to invest in the industry going forward. The Minister explained that 17 subsidiaries of NNPC had been identified and that additional four were created, adding that the administrative restructuring would help in generating more jobs, profitability and efficiency of various sub-sects of the Corporation, including gas and power, property, pipeline and refineries, among others. Kachukwu noted that 70 per cent of the N350 billion loss incurred by the Corporation came from PPMC, adding that plans are underway to adopt Public Private Partnership (PPP) in the bid to boost the viability of the NNPC subsidiaries Inc! using shipping company, medical centres. According to him, the Corporation was on the verge of finalising arrangement with an American company to maintain the NNPC medical centres adding that the negotiation has reached advance stage with the World largest shipping company, to drive the NNPC shipping company established over the past eight years without owing a vessel. He assured that the Corporation has no plan to disengage the 10,000 workers on its payroll but added that the administrative restructuring will help to put the 3,000 redundant staff in the competency venture. The lawmakers and the Minister resolved to work harmoniously towards the timely passage of the Petroleum Industry Bill (PIB).
www.vanguardngr.com/2016/03/nigeria-needs-500m-to-fix-refineries-kachuikwu/

To fix not to build ? Jesus make I convert the dough to naira

Nigeria doesn't need a kobo to fix any gaddamn refinery!

All the billions of dollars Buhari claims he has retrieved from "corrupt" politicians should be enough to revamp the refineries ke?

All the positive energies that Buhari acquired from his many foreign trips can fix that in a day.

Sey MTN has agreed to pay 1.5 billion dollars, u can use part of the money to fix the refineries. There is no much talk

..nd this jst bou 25% of what dasuki stole

That is another $500million budget of yams to be looted by Kachikwu and his cohorts.

Nigerian government should have nothing to do with stuffs as technical as crude refining. FG has failed in running every know govt outfit ranging from Nigerian Airways, Nigerian Railways, NITEL, NEPA, NIPOST to even simple National stadiums. They will only continue to steal these funds and Kachikwu is only trying to cut his own cake cos its clear to the deaf that those refineries cannot work to meet our capacity.

In the Oil and Gas upstream, FG entered a JV partnership with the Shells, Mobil, Chevron, Total, Agip etc ...... why cant they enter same JV partnership in the downstream sector (refineries)? They can own majority shares in the partnership (like 60%) while the partner operates the organizations just like the upstream.

There are private outfits whose core business is refining, lets get them involved. We should stop fooling ourselves, govt has no direct business in the refining business

another conduit pipe to siphon Nigerian

Oga use the money build farm make enough food dea.... nah oil person go chop

Dr. Emmanuel Ibe Kachikwu yesterday said that the four refineries in the country will require between $300 million to $500 million to function effectively.

N350 billion loss incurred by the Corporation

$300 million @ 300 naira per Dollar that's N90 billion naira

Abacha's loot to be returned $322 million dollars(N96.6 billion naira)

Use the loot to fix the refineries.

money that will end up in some peoples pocket again

Time waster government. Four years excuse for failing the power sector.

Which refineries again?

Did they not say they have fixed all the refineries and they are all working perfectly?

Why are we fixing refineries again?

These people ehn?

KingRex1:
..nd this jst bou 25% of what dasuki stole

did he steal the whole 2.1billion dols?

porka:
Which refineries again?

Did they not say they have fixed all the refineries and they are all working perfectly?

Why are we fixing refineries again?

These people ehn?

they even told the zombies that monies were saved from the turn around maintenance.
this ibe kachikwu will soon become a nightmare to truth. e fit lie pass lai mohd.
today we will unbundle, tomorrow I didnt say we will unbundle but restructure.
today 300million has been saved from tam, tomorrow we need btw 300 to 500 million dols for complete maintenance of the four refinery. dis guy is pathetic.

yaki84:
did he steal the whole 2.1billion dols?

Yup didn't he? Tho he shared it with his corhorts