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Business News

Petrocam defers plan to build refinery, blames it on deregulation

Petrocam has suspended its plan to build a refinery, as a result of the lack of deregulation of the downstream sub- sector of Nigeria’s oil and gas industry.

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Petrocam Trading Nigeria Limited
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Petrocam Trading Nigeria Limited has suspended its initial plan to construct a refinery in Nigeria.

The company’s Managing Director, Mr Patrick Ilo, made this revelation in Lagos during the official inauguration of its newest solar-powered and eleventh filling station.

Unveiling of the eleventh filling station – The company’s Administration and Sales Manager, Eyo Oghogho, said the new filling station has ten underground tanks of 45,000 litres capacity each. Nine will be used for storing Premium Motor Spirit (PMS), while one will be used for storing Automated Gas Oil (AGO).

“At Petrocam outlets, we ensure that a litre is a litre. Another thing is that when you come to Petrocam filling station, you are sure you will get your PMS, diesel and gas. You don’t need to go somewhere else to get your gas.”

The company still intends to open more filling stations – Oghogho explained that plans are underway to unveil new filling stations in major state capitals across the country in the coming months.

“All our outlets for now are based in Lagos. We are intending to extend our frontiers to other state capitals in the next couple of months and from there, we will start expanding to other locations in Nigeria.”

Reason for the suspension

According to Oghogho, the firm has no plans to invest in refining in the country, until the deregulation of the downstream sub-sector of the Nigerian oil and gas industry is carried out. He said the company is waiting for the right atmosphere to invest in crude refining business.

“We at Petrocam Nigeria are presently not engaging in the building of refinery in the country. We are looking forward to a situation when the sub-sector would be fully deregulated since the industry is partially deregulated now.”

Government should work on prices on petroleum products – According to Oghogho, the company might only consider going into refining when government removes cap price on petroleum product, saying “until then it’s not part of our plans at all.”

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    Business

    Hyundai and Kia to set up an assembly plants in Ghana by 2022

    The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.

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    Hyundai to invest $87 billion into producing 44 new electric vehicles, Hyundai partners Kia to invest €100m in electric vehicles 
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    Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.

    Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.

    READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars

    Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.

    The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”

    READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast 

    Why this matters

    More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.

    Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.

    SSKOHN

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    Business

    Passports: Backlog of undelievered passports to be fixed before May 31st – Minister

    The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.

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    The Federal Government disclosed that all backlogs of undelivered passport requests would be fixed before May 31st, and announced the launch of a new passport application system, which would be aided by fast track services nationwide.

    This was disclosed by Minister of Interior, Rauf Aregbesola, in a press briefing with newsmen on Thursday.

    What the Minister said

    “On or before May 31st, all backlogs of undelivered requests for passports will be totally met, unless such applications have a problem,” he said.

    “But before the deadline, the problematic application would be contacted, so that we know what’s wrong with the applications. Assuming there would be no problem, every successful application for a passport would be given a passport on or before May 31st,” he added.

    READ: Canada invites 3,900 new PR candidates, introduces new programme to attract Nigerians

    The new passport process

    The Minister disclosed that the FG will launch a new passport application process which would come into effect soon.

    “When you finish your application process, there would be a waiting period of six weeks to collect your passport, however, if you want an express service, there would be fast track centres nationwide, to meet requests for express passport users,” he said.

    What you should know 

    • Recall Nairametrics reported last month that the Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available in a maximum of 72 hours of a successful application.
    • The FG also launched the Electronic Temporary Passport to cater for Nigerians desirous of returning home but whose national passport is not available.

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