Refinery
PDP tasks federal government on Dangote refinery shares
The Peoples Democratic Party has advised the Federal Government to ensure transparency in its planned acquisition of 20 per cent shares in Dangote refinery. The PDP said this in a statement by its National Publicity Secretary, Kola Ologbondiyan, in Abuja. Ologbondiyan said: “The PDP has nothing against any genuine and honest incentives for private refineries, but we insist that such must not be used as avenues for siphoning funds from national treasury. “The transaction must be made completely open, in terms of conditions for crude barter trade, duration, equity sharing and signatories among other things.” Ologbondiyan urged the National Assembly to take advantage of its oversight power on the Nigerian National Petroleum Corporation to ensure that the deal was transparent. “The PDP insists...
NNPC selects 26 firms to lift Nigeria’s crude oil
The Nigerian National Petroleum Corporation (NNPC) has picked 26 foreign and local companies as well as 12 countries to lift the country’s crude oil for the next two years. The crude term contracts, expected to run from 2021 through 2023, would see the firms and the selected nations, which would operate on a Government-to-Government (G2G) basis to purchase the commodity from the national oil company. The deal is coming less than a week after the corporation chose 16 oil and gas consortia for its new crude-for-fuel swap contracts for one year starting in August. The contracts, known as Direct Sale, Direct Purchase (DSDP) are high-stakes agreements used to supply nearly all of Nigeria’s petrol needs as well as cover some of its diesel and jet fuel consumption. However, in the fresh crude oil...
NNPC begins work on Port Harcourt refinery
The Nigerian National Petroleum Corporation (NNPC) has kicked off construction work in the Port Harcourt Refinery rehabilitation project with a firm commitment not to fail Nigerians. A statement on Friday by the Group General Manager, Group Public Affairs Division of the NNPC, Dr Kennie Obateru, quoted the NNPC Chief Operating Officer, Refineries & Petrochemicals, Engr Mustapha Yakubu, as saying that everything was being done to ensure that the project is delivered hitch-free and on schedule. Speaking at the Technical Kick-off Meeting for the project held at the Port Harcourt Refinery Complex, Alesa Eleme, Rivers State, Engr Yakubu said everything about the project had been carefully worked out to ensure that the target of at least 90% refining capacity is achieved when operational. “I...
House minority caucus flays $1.5 billion approval for rehabilitation of Port Harcourt refinery
The Minority Caucus in the House of Representatives Tuesday described the approval of $1.5 billion for the rehabilitation of the Port Harcourt refinery as a huge scam and a ploy by unscrupulous elements to siphon public funds. The Federal Executive Council (FEC) had recently at its virtual meeting presided over by President Muhammadu Buhari approved $1.5 billion for the rehabilitation of the refinery. But, the caucus in a statement by its Leader, Hon. Ndudi Elumelu, while rejecting the amount, said the figure is outrageous and heavily inflated, demanding an immediate review of the cost. The lawmakers noted that while they are in support of any genuine effort to bridge energy deficit in Nigeria, such should not be used as a ploy by corrupt individuals to fleece the nation. The caucus called...
TUC opposes sale of Port Harcourt refinery
File Photo The Trade Union Congress (TUC) is opposed to the sale of the Port Harcourt Refinery as canvassed by many Nigerians, its secretary-general, Musa Lawan, has said. The Federal Executive Council last week approved $1.5 billion (about N600 billion) for the rehabilitation of the 210,000 barrels per day refinery. The FEC approved the amount at its virtual meeting presided by President Muhammadu Buhari. The approval came amidst a controversial price increase in the pump price of petrol that was later reversed. Although Nigeria has four refineries, all government-owned, it currently imports virtually all its refined petroleum products. The approval for the Port Harcourt Refinery was greeted with mixed feelings as the country in the past spent billions of dollars on refinery maintenance w...
NNPC seeks $1 billion funding to revive PHC refinery
The Nigerian National Petroleum Corporation, NNPC, is currently shopping for $1 billion to revamp Nigeria’s biggest refinery located in Port Harcourt, Rivers State. To realise its plans, the nation’s oil company is already in high-level discussion to raise the money via a prepayment deal with trading firms. If the financing is successful, the long overdue rehabilitation of the refinery should reduce Nigeria’s hefty fuel import bill. It would also mark Nigeria’s second oil-backed financing since the COVID-19 pandemic that has added to the difficulty of finding investors as fuel demand is sapped by lockdowns and renewable energy is gaining ground over fossil fuels. The money would be repaid over seven years through deliveries of Nigerian crude and products from the refinery once the refurbis...
Nigeria most expensive for upstream projects – NNPC chief
The Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Mele Kyari, has disclosed that Nigeria remains one of the most expensive countries in the world for petroleum upstream projects. Upstream is refers to points in production that originate early on in the processes of crude oil production. Its activities include exploration, drilling, and extraction. Kyari made this known at the Nigerian Content Tower in Yenagoa, Bayelsa State during a review meeting with the Permanent Secretary, directors and chief executives of agencies in the Petroleum ministry. According to him, “Nigeria is one of the most expensive territories in the world for upstream projection and part of the corporation’s mandate is to reduce cost by at least five percent. “We have reduced costs substantiall...
Senator Kalu: I’ll buy 35% stake in Arsenal FC
The representative of Abia North Senatorial District, Orji Uzor Kalu, has declared his interest in investing in Premier League club, Arsenal FC. The post Senator Kalu: I’ll buy 35% stake in Arsenal FC appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
