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Refineries: Is FG Dealing with a Basket Case?
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FEC okays $1 484bn for Kaduna, Warri refineries repair
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The world of Nigerian refining is an enigma shrouded in a mystery. Although the story of Nigeria’s refining has been a friction point for some years already, it boggles the human mind how one of the world’s most hydrocarbon-endowed nations has essentially no operational refinery and relies overwhelmingly on product imports to satiate its ever-growing product demand. As is often the case with emerging economies, the inability to cater to domestic needs engenders murky schemes that often serve the purpose of enriching those who have very little consideration for the woes of the Nigerian populace.
Taking into consideration everything that has been said above, it seems somewhat counterintuitive that the Nigerian national oil company NNPC would try to find a way into Nigeria’s private refineries.
The Nigerian National Petroleum Corporation (NNPC) has signed a contract with a Milan based company, Tecnimont SpA for the rehabilitation of the 210,000 barrels per day Port Harcourt Refinery Company (PHRC) in Alesa-Eleme, Rivers state.
Recall that the Federal Executive Council (FEC) recently approved the sum of $1.5 billion (about N570 billion) for the project which has a completion timeline of between 18 and 44 months under a three-phase arrangement.
Speaking during the Engineering, Procurement and Construction (EPC) contract signing ceremony on Tuesday, the Group Managing Director of NNPC, Mallam Mele Kyari said, “Mr President promised Nigerians he will fix the refineries.”
He assured that the same transparent process has been emplaced for the rehabilitation of the Warri and Kaduna Refineries whose EPCIC contracts would be awarded in June 2021.
Despite Outrage, NNPC Signs N570 Billion Contract To Repair Port Harcourt Refinery
The Federal Executive Council had earlier approved the sum of $1.5 billion (about N570 billion) for the project which has a completion timeline of between 18 and 44 months under a three-phase arrangement.
by SaharaReporters, New York
Apr 07, 2021
The Nigerian National Petroleum Corporation has signed a contract with a Milan-based company, Tecnimont SpA, for the rehabilitation of Port Harcourt Refinery Company in Alesa-Eleme, Rivers state.
The Federal Executive Council had earlier approved the sum of $1.5 billion (about N570 billion) for the project which has a completion timeline of between 18 and 44 months under a three-phase arrangement.
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