FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery - Politics

FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery (17892 Views)

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FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by iwaeda(op): 4:25pm On Mar 17, 2021

The Federal Executive Council on Wednesday approved the plan by the Ministry of Petroleum Resources to rehabilitate the Port Harcourt Refinery with $1.5bn.

The decision was taken at the weekly meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.).

The Minister of State for Petroleum Resources, Timipre Sylva, disclosed this to State House correspondents at the end of the meeting at the Presidential Villa, Abuja.

The minister said, “The Ministry of Petroleum Resources presented a memo on the rehabilitation of Port Harcourt refinery for the sum of $1.5bn, and that memo was $1.5 billion and it was approved by council today.

“So, we are happy to announce that the rehabilitation of the refinery will commence in three phases. The first phase is to be completed in 18 months, which will take the refinery to a production of 90 percent of its nameplate capacity.

“The second phase is to be completed in 24 months and all the final stage will be completed in 44 months and consultations are approved.

“And I believe that this is good news for Nigeria.”

https://punchng.com/breaking-fg-approves-1-5bn-for-rehabilitation-of-port-harcourt-refinery/

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by Standing5(m): 4:26pm On Mar 17, 2021

Can't that amount build a refinery on its own?

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by afroedo: 4:27pm On Mar 17, 2021

another looting, every Government that comes in does this, yet the Refinery is never fixed, so with Dangote Refinery (MR Monopoly) on board, So how will it get head now.

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by iwaeda(op): 4:27pm On Mar 17, 2021

Another wasted effort. The refinery is obsolete, why not build new one instead of this unnecessary TAM.

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by uptimum123(m): 4:31pm On Mar 17, 2021

We need to get our refineries working ASAP... We are approaching the light at the tunnel on our capacity to refine.

Nigeria is bound for greatness

God bless Baba Buhari and Tinubu

6 Likes 3 Shares

Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by NwaNimo1(m): 4:31pm On Mar 17, 2021

[img]https://media1./images/a07124f44f2c44ec2c9bd78358a96c27/tenor.gif?itemid=20756585[/img]

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by Standing5(m): 4:31pm On Mar 17, 2021*

iwaeda:
Another wasted effort. The refinery is obsolete, why not build new one instead of this unnecessary TAM.
Lalasticlala

Turn around maintenance that will turn it 360° and leave it facing where it was before.

46 Likes 3 Shares

Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by naptu2: 4:31pm On Mar 17, 2021

Waste of time and money.

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by Christistruth00: 4:32pm On Mar 17, 2021

Standing5:
Can't that amount build a refinery on its own?

As far back as 10 years ago the FG was reliably informed that the Refineries were beyond rehabilitation and new ones needed to be built.

This may be another attempt to Siphon pubic funds for some officials

Buhari only has two years left

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by iwaeda(op): 4:35pm On Mar 17, 2021

Standing5:
Turn around maintenance that will turn it 360° and leave if facing where it was before.

Our leaders CAN NOT think deeply. If I have a rag and I am using new cloth to patch it, it will tear. Why not use new cloth to sow new jacket?

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by uptimum123(m): 4:38pm On Mar 17, 2021

iwaeda:
Another wasted effort. The refinery is obsolete, why not build new one instead of this unnecessary TAM.
Lalasticlala

I disagree

A plan has been laid out to make it work, this also includes inviting the people/company whoi built them in the first place.

With great effort and determination we can make it work. This government has shown in the past what it takes to make things work

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by Jdaughter(f): 4:41pm On Mar 17, 2021

Scam

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by courage89(m): 4:42pm On Mar 17, 2021

Just a waste of resources. Government should not be in charge of viable assets such as refinery, or any profitable business. Running a refinery requires a very prudent, straight forward structure devoid of government beaurecracy. Decision of type of crude to refine (light, heavy or sour crude), blending process to achieve output optimization and other necessary decisions revolving around profitability of refinery should not be colored with nepotism, incompetence or government involvement.

Please and please, stop this madness of trying to revive the refinery. Sell, lease or joint venture this refinery to capable private companies so that Nigeria can get the best bang for its bucks.

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by Standing5(m): 4:44pm On Mar 17, 2021*

iwaeda:
Our leaders CAN NOT think deeply. If I have a rag and I am using new cloth to patch it, it will tear. Why not use new cloth to sow new jacket?

Dangote is doing a bigger one(650 thousand BPD) that has fertilizer plant and pipeline of 500km at $12 billion. Subtract the extras and divide by 3 to see what a new PH refinery may cost. They are thieves.

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by Nobody: 4:44pm On Mar 17, 2021*

Buhari is one of the most useless and corrupt wastemen along with Timpyre Sylva to walk the planet.

He appointed a well know crook that did nothing for Bayelsa state when he was Governor, except become an overnight billionaire . And appointed that same man into his cabinet as Minister of State for Petroleum. Who will now supervise the $1.5 billion rehabilitation of the Port Harcourt refinery; you don't need David Cameron to tell you what will happen to the money in this fantastically corrupt failed state.

https://www.youtube.com/watch?v=Wg7lfHL_l1w

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by Maxymilliano(m): 4:50pm On Mar 17, 2021

The Port Harcourt refinery was among the national assets listed by the FG to be put for sale to fund the 2021 budget, why approving such humongous amount for rehabilitating what is planned for sale ? shocked

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by longetivity(m): 4:56pm On Mar 17, 2021

barawo government

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by Nobody: 4:57pm On Mar 17, 2021*

Maxymilliano:
The Port Harcourt refinery was among the national assets listed by the FG to be put for sale to fund the 2021 budget, why approving such humongous amount for rehabilitating what is planned for sale ?

Man must whack, refinery has been the avenue they have been using to loot billions of dollars since time immemorial. I went to school with Warri Refinery MD son, and the refinery never worked one day,yet his family became very wealthy.

Every one in the cabinet is trying to cash out before 2023. Fashola just broke a record in the Abuja-Kano highway by announcing a contract amount that is N2.1 billion naira per kilometre. When Redeemed Christian Church of God recently completed a road at Ifewara,Osun that is 8.2 kilometre in length at N22.9 million per kilometre.

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by firstvaxe: 5:06pm On Mar 17, 2021

Money

Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by firstvaxe: 5:06pm On Mar 17, 2021

Easy

Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by Nobody: 5:07pm On Mar 17, 2021

Standing5:
Can't that amount build a refinery on its own?

Yes, but not a refinery as big as the Port Harcourt refinery or the Dangote Refinery (the latter cost nearly 10 billion dollars initially)

Add 0.5billion and you might have a 100000 barrel a day refinery. (Dangote is a 600000 barrel a day refinery, plus some addendums including a power station and a fertilizer plant . Port Harcourt is a 150000 barrel a day))

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by thesicilian: 5:07pm On Mar 17, 2021

In two years time another bigger amount will be allocated for the same project

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Re: FG Approves $1.5bn For Rehabilitation Of Port Harcourt Refinery by Standing5(m): 5:08pm On Mar 17, 2021

uptimum123:
We need to get our refineries working ASAP... We are approaching the light at the tunnel on our capacity to refine.

Nigeria is bound for greatness

God bless Baba Buhari and Tinubu

Mannerless manna.

7 Likes 1 Share