Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

FG has changed its course on the sale of refineries

Chris Pemu by Chris Pemu
August 18, 2017
in Business News
Ibe Kachikwu

Ibe Kachikwu, Minister of State for Petroleum

Share on FacebookShare on TwitterShare on Linkedin

At the 2017 edition of the National Association of Energy Correspondents (NAEC) Conference in Lagos, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, represented by the Deputy Director, Department of Petroleum Resources (DPR) Olumide Adeleke, said that Nigeria is not about to sell or concession “any” of its refineries. He also added that the government had not done the valuation of the refineries, let alone think of selling them.

This is a different statement from what Kachikwu said concerning the refineries sometime back.

“I said it in very many speeches that if our own refineries do not sit up, we probably, would be selling scrap metals in a matter of years and that is the reality. So, what this project has also done is motivated substantially, the NNPC because to take very seriously my drive to repair the refineries and get them working.” said Kachikwu. The project being referred to is the completion of the Dangote Refinery in Ibeju-Lekki area of Lagos state.

Although, the Nigerian National Petroleum Corporation (NNPC) has said that Nigeria now has an average cost of production of $23 per barrel; the refineries are still not operating at full capacity owing to the poor state of the refineries and militant attacks.

RelatedPosts

Dangote Refinery can solve Nigeria’s fuel subsidy and scarcity crises – Report

Dangote Refinery to expose Nigeria’s downstream, midstream sectors to int’l markets

” We sought externally for resources to finance the rehabilitation of the  existing refineries, which was a very tall order, telling someone to invest $1billion in the refineries rehabilitation, with no equity, and wait for incremental volumes of refined products to recoup their investment.” said Kachikwu at the conference.

He further disclosed that the actual rehabilitation work would be carried out by a joint management team of original refinery builders (ORBs) with financers funding the repair work.

Related

Tags: Dangote RefineryKachikwuNational Association of Energy Correspondents

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • 12 Nigerian states owe their workers at least one month’s salary as of July 2022
    • MailChimp suspends accounts of crypto-related content creators, media 
    • OPEC says Nigeria’s oil production averaged 1.183mbpd in July 2022

    Follow us on social media:

    Recent News

    12 Nigerian states owe their workers at least one month’s salary as of July 2022

    12 Nigerian states owe their workers at least one month’s salary as of July 2022

    August 11, 2022
    Intuit to acquire Mailchimp for $12 billion

    MailChimp suspends accounts of crypto-related content creators, media 

    August 11, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com