₦airaland Forum

Society of Petroleum Engineers, SPE, Nigeria Council has lamented the huge amount of money the country spent to keep its non-performing refineries.

Speaking ahead of SPE Nigeria Energy Industry Transformation Summit bid to run from 25 to 27th August, the Council Chairman, Mr Joe Nwakwue said that on annual basis, the country refineries gulp nothing less than N120 billion.

“We understand that refinery is a key national asset and it is in the national interest that they are optimally run from commercial perspective and we think private sector are in better position to do that than public sector.

“It’s important to recognized that it serve no purpose that we have refineries that are sitting idle across the country. They don’t just seat idle; we still spend money to keep them idle.

“If you look at the annual report of NNPC, you will see clearly about N120 billion operating loss for these facilities and its consistency over the years. If we keep them next year, that is how much loss we are going to incurred as a nation.

“It’s not in our national interest to continue to pump money into things that are not adding value. From that perspective, it’s only reasonable to say that we should have sold this asset long time ago to those who can run it.

“Am very sure that assuming we take that step; our exchange rate won’t be what it is today. Assuming we sold it 10 years ago, today we might have exit import completely.

Speaking on the upcoming event, Nwakwue said that the 3-day online summit tagged; “Changing global energy landscape: strategies for industry sustainability will offer the country and key stakeholders directions to remain relevant in a changing world.

“We are going to have three plenary sessions on the first day we are going to be discussing “economic development and environmental stewardship; opportunities for the energy industry” and on the secondary, “domestic refining for sustainable development” and on the last day, we will discuss “global energy transition: remaining relevant in a changing world.”

“The panellists were carefully selected and composed of highly experienced industry thought leaders and practitioners who have demonstrable competences in these areas.

“SPE is indeed blessed that they accepted to come and share their perspectives on these issues and we are grateful for their support and commitment and look forward to exciting and highly productive sessions.”

https://www.vanguardngr.com/2020/08/nigeria-spends-n120bn-annually-to-keep-refineries-idle-%e2%80%95-petroleum-engineers/amp/

National Cake

Every successive NNPC GMD always promise to end fuel importation, alas only end up incuring more debts
Lalastic.lala this is huge
Why not build modular refineries with all these money?

If you realize how much some baboons line their pockets with in the seemingly unending and cancerous export-import of petroleum resources, then you all would get tired of this country.

They don't care if you live or not!! Open your eyes, youths!!!!!!

TAM is a scam to make money

I'm all for privatization of a reasonable percentage to competent partners

Like wtf did I just read?
We still have a long way to go

Thesame country (nigeria) spending more than #120b on 3 refineries that are not working, yet it's same country someone from the North is building a private own refinery that will commence production next year. What does tell us as a country?

We know it is the government that is sabotaging those refineries just to continue to siphon money through imaginary subsidy

Abeg who is the minister of petroleum again? So it's the government that is behind all these wastage.

Racoon:
Abeg who is the minister of petroleum again? So it's the government that is behind all these wastage.

GMB or lalasticlala will tell us

IamWonderful:
We know it is the government that is sabotaging those refineries just to continue to siphon money through imaginary subsidy

Wasting resources since 1800
Yet have staff doing nothing

OVB123:
Thesame country (nigeria) spending more than #120b on 3 refineries that are not working, yet it's same country someone from the North is building a private own refinery that will commence production next year. What does tell us as a country?

Trademark of a failed state

iwaeda:
Trademark of a failed state

Thank you my friend.

OVB123:
Thank you my friend.

You are most welcome

Just imagine...which kind of banana republic be this?
And our stupid president na petroleum minister.
Imagine paying nnpc employees that are doing nothing year in year out.
Which kind nonsense be this?

And yet nothing good has come out of it

It seems Nigerians are all cowards...These politicians gets away with anything they do to the detriment of the people and no one opposing.

Nigeria is finished!

I pity the future of the Country

Idle

9ja which way. Chaii

Idle or keep it working


Why expenses again when sumtim is idle

Chai

Wow

Pimpmaride:
Idle or keep it working

This is nothing short of madness

And the national assembly will not see this one. Sometimes i weep for Nigeria cus of what is happening

revived:

Thank. God bro.

How. Are u sir..... I'm happy to see u ooo

that's sad
funny thing is this can build 10 module refinery with 5000bpd capacity each ....that's 80 in 8 years ......that's 400,000bpd would have been build in 8 years

govenment can then sale it to interested individuals ...and retain 20% or less shares ...using NLNG module

it's simple but when u have dumb leaders ....and more dumb followers who praise them what do u expect