Business
Allow us fix refineries, oil marketers tell FG
Oil marketers have expressed willingness and capacity to fix Nigeria’s dysfunctional refineries and get the facilities running in the shortest possible time.
Operators of retail outlets in the downstream sector of the oil industry called on the Federal Government to allow oil marketers run some of the country’s ailing refineries.
It was gathered that oil marketers under the aegis of Petroleum Products Retail Outlets Owners Association of Nigeria had contacted financial and technical partners on what would be required to effectively run the refineries.
Nigeria’s refineries in Kaduna, Port Harcourt and Warri have been dormant in terms of crude oil refining for several years despite huge expenses incurred on the facilities by the Nigerian National Petroleum Corporation.
On November 23, The PUNCH exclusively reported that a total of N81.41bn was expended on the refineries between January and August this year but the facilities refined no drop of crude oil through this period.
To address this, oil marketers told our correspondent in Abuja that they had capacity to get the refineries working and were speaking with technical and financial partners on this.
“The government should call on oil marketers to come and take one or two of the refineries, seek financial and technical partners and make the refineries work,” the President, PETROAN, Billy Gillis-Harry, said.
He added, “We don’t have to predicate our petroleum product prices on international indices. We have four refineries and a few modular refineries that are already on stream now.
“So there should be a way of domesticating our prices, which should be by making sure that we have crude oil available for these refineries to refine and sell domestically first.
“Get PETROAN to run one or two of the refineries because we have the capacity to make sure our refineries work.
“We are offering to partner the government and NNPC to run the refineries on acceptable business strategies and profit sharing processes.”
He said all retail outlet owners in the downstream sector across the country had always wanted the refineries to work and that was what dealers were now asking for.
Gillis-Harry said, “We should be given Warri and Port Harcourt refineries and partner government in reviving them, refine crude oil and control our prices, which we can do.”
He said oil marketers were also capable of buying the facilities if the government so desired.
“If they give them to us to buy we are more than happy to look for resources because we are already talking to technical and financial partners across the globe with the aim of making our country’s economy work,” the PETROAN president stated.
Gillis-Harry described refineries as major contributors to economic stability.
“This is because every litre of fuel you buy has the United States dollar on it and we don’t run our economy on dollar, rather it is run on naira,” he said.
He added, “So by introducing a foreign currency at all times, it depletes the resources that should stabilise and grow our economy.
“This is why PETROAN is proposing to the government to give us the refineries to run and we will run them efficiently.”
On whether the recent reduction in petrol price by N5 per litre would warrant the re-introduction of subsidy, Gillis-Harry stated that it would not.
He argued that petrol subsidy had gone and would remain so, adding that it would be detrimental to the economy if the government should bring back subsidy on refined petroleum products.
-The Punch
Aviation
Disaster averted as bird strike hits Abuja-Lagos Air Peace flight
Disaster averted as bird strike hits Abuja-Lagos Air Peace flight
An Abuja-Lagos flight was on Thursday aborted following a bird strike on the airplane belonging to Air Peace, forcing the authorities to ground the aircraft.
The bird strike experienced in the early hours reportedly prompted a ramp return to ensure the safety of passengers onboard.
All the passengers quickly disembarked and were calmed down before they were moved into another plane for the one-hour journey.
A bird strike is a collision between a bird and an aircraft, or other airborne animal, while the aircraft is in flight, taking off, or landing. And it can be a significant threat to aircraft safety.
Air Peace in a statement by its Head of Corporate Communications, Ejike Ndiulo, said the bird strike occurred at 6:30am, and all passengers disembarked normally.
The statement read, “We wish to inform our esteemed passengers that our Abuja- Lagos 06:30 flight experienced a bird strike before take-off, prompting a ramp return as a safety measure. All passengers disembarked normally.
“We have deployed a replacement aircraft for the affected flight in order to minimize disruptions, thus ensuring that passengers continue their journeys promptly.
“We appeal for the understanding of our valued passengers impacted by this development, as well as those on other flights that may experience delays.
“At Air Peace, we are committed to providing safe, comfortable, and reliable air travel for all our passengers.”
Business
NNPC achieves 1.8mbpd crude oil production
NNPC achieves 1.8mbpd crude oil production
The Nigerian National Petroleum Company Limited (NNPC Ltd) and its partners have revved up crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd).
The company which announced this at a press briefing said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.
Speaking on the development, the Group Chief Executive Officer, Mr. Mele Kyari, congratulated the Production War Room Team that anchored the production recovery process.
“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to our shareholders based on the mandates that we
have from the President, the Honourable Minister, and the Board,” Kyari explained.
Giving details of the efforts of the Production War Room, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, disclosed that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.
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He said the interventions that led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.
He stressed that when the Production War Room team was inaugurated on 25th June 2024, production was at 1.430mbpd, but the team swung into action, culminating into sustaining the production recovery to 1.7mbpd in August and hitting the current 1.808mbpd in November.
“We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year,” he stated.
Also speaking on the development, Chairman of the NNPC Ltd Board of Directors, Chief Pius Akinyelure, who also congratulated the team, said he was happy to be part of the production recovery process, adding: “today, I will leave this place with my heart full of joy”.
He charged the Company’s Management to come up with a cashflow projection based on the new production figures to facilitate planning, stressing that he was looking forward to further production increase to 3mbpd.
On his part, the Honourable Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more.
NNPC achieves 1.8mbpd crude oil production
Business
FG gets fresh $134m loan from AfDB for agric projects
FG gets fresh $134m loan from AfDB for agric projects
The Federal Government has secured a loan facility of $134million from the African Development Bank (AfDB) to help farmers boost seeds and grain production in the country.
This is contained in a statement issued by Anthonia Eremah, Chief Information Officer, Ministry of Agriculture and Food Security, on Thursday, in Abuja.
Minister of Agriculture and Food Security, Sen. Abubakar Kyari, made his know at the unveiling of the 2024/2025 National Dry Season Farming in Calabar, Cross River State capital.
Kyari explained that with the re-introduction of the national dry season farming to boost year-round agricultural production, the loan would be handy and guarantee national food security in the country.
The minister said the initiative is under the National Agricultural Growth Support Scheme-Agro Pocket (NAGS-AP) Project.
He said the federal government had declared an emergency on food production to enable all Nigerians to get easy access to quality and nutritional food at affordable rates.
Kyari also said government wants to use the agricultural sector for national economic revival through increase in production of some staple food crops such as wheat, rice, maize, sorghum, soybean, and cassava during both dry and wet season farming.
He added that 107,429 wheat farmers were supported under phase 1 of the 2023/2024 dry season, and 43,997 rice farmers under the second phase of the 2023/2024 dry season.
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The minister said recently, government supported 192,095 rice, maize, sorghum/millet, soyabean and cassava farmers under the 2024 wet season across the 37 States including the FCT.
He said Cross River was leading 16 other states in wheat production, adding that over 3000 wheat farmers have been listed to benefit from the support to grow the grain.
Kyari noted the Cross River government’s commitment to wheat production.
He said it informed why the federal government is partnering with the state to kick start the maiden wheat production and enlisting them among states commencing the current 2024/2025 dry season farming.
“The 2024/2025 dry season farming, the project is targeted to support 250,000 wheat farmers across the wheat-producing states with subsidised agricultural inputs.
“This is to cultivate about 250,000 hectares with an expected output of about 750,000 metric tonnes of wheat to be added to the food reserve to reduce dependence on importation of the product and also increase domestic consumption.
“Equally the programme will provide support to 150,000 rice farmers under the second phase to cover all the 37 states, including FCT, with an expected output of about 450,000 metric tonnes,” he said.
FG gets fresh $134m loan from AfDB for agric projects
(NAN)
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