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Wed. Oct 16th, 2024
Trending News: ENUGU GOVT TO LAUGH N20B STATE SECURITY TRUST FUNDGRID COLLAPSE, A NATIONAL SHAME, TESTAMENT OF LEADERSHIP FAILURE – PETER OBIPRO-WIKE LAWMAKERS DECLARE PRO-FUBARA LAWMAKERS’ SEATS VACANTFG SUMMONS BRITISH HIGH COMMISSIONER OVER SUNDAY IGBOHO’S YORUBA NATION PETITION TO PRIME MINISTERAFCON QUALIFIER: CAF DELISTS NIGERIA, LIBYAEFCC INVADES RADIO STATION IN ENUGU, ARRESTS PRESENTERPDP CRISIS: GOVERNORS TELL WARRING MEMBERS TO MAINTAIN STATUS QUODAMAGUM DIVIDES PDP GOVERNORSPDP BREAKS INTO FACTIONSWE SYMPATHISE WITH THE POOR BUT TINUBU’S POLICIES WILL CONTINUE – VP SHETTIMANORTH MUST BE PREPARED FOR POSSIBLE SEPARATION – PROF LUGGACAF INVESTIGATES SUPER EAGLES ORDEAL IN LIBYANIGERIA WAS NOT HUMILIATED AT UNHRC ELECTION – PRESIDENCYNIGERIA IN DARKNESS AS NATIONAL GRID COLLAPSES AGAINMOB BURNS EDO POLICE STATION OVER ALLEGATION OF ORGAN HARVESTINGSUPER EAGLES BACK TO NIGERIA AFTER LIBYA ORDEALFG TO RECRUIT 74,OOO TEACHERS NATIONWIDENIGERIANS GROAN OVER HIGH ELECTRICITY BILLSFG MOVES TO GROUND 60 PRIVATE JETSALLOW THE DEAD TO REST IN PEACE, SHEHU SANI SPEAKS ON ENUGU MORTUARY TAXPDP BLASTS FUBARA, SAYS HE REJECTED OFFER TO CONTROL PARTY STRUCTUREPETER OBI CONDEMNS FATAL SHOOTING OF SUPERSPORTS CREW, SAYS KILLINGS KIDNAPPINGS HAVE BECOME WORSENASS WANTS MORE SUFFERINGS FOR NIGERIANS, CONSIDERS BILL TO INCREASE VAT FROM 7.5% TO 10%ENUGU GOVT PLANS TO RESETTLE RESIDENTS OF TWO URBAN SLUMSBIZZARE! REVEREND FATHER SET TO WED REVEREND SISTER IN CATHOLIC CHURCHSENATE THREATENS UMAHI, DABRI-EREWA, OTHERS WITH WARRANT OF ARRESTGOVERNOR SUSPENDS AID FOR ANNOYING N70,OOO MINIMUM WAGENINE PDP GOVERNORS ENDORSE DAMAGUM’S REMOVAL AS NATIONAL CHAIRMANBETWEEN SENATOR SHEHU SANI AND EX-GOV EL RUFAI’S WIFEYOU’RE BEREFT OF IDEAS ABOUT HOW TO TACKLE ECONOMIC CRISIS, BEG JONATHAN FOR HELP – NNPP TELLS TINUBUWHY MORTUARY TAX WAS INTRODUCED – ENUGU GOVTNIGERIA FACING WORSENING FOOD CRISIS LIKE YEMEN, ETHIOPIA – WORLD BANK REPORTFLASHBACK: HOW TINUBU CRITICISED JONATHAN OVER PETROL SUBSIDY REMOVALINSIDE STORY OF ONGOING CRISIS IN PDPHOUSE OF REPS PASSES BILL TO ESTABLISH BOLA AHMED TINUBU UNIVERSITY OF NIGERIAN LANGUAGESRIVERS CRISIS: I DO NOT SEE THE POSSIBILITY OF APPEAL COURT JUDGEMENT BEING UPTURNED – SANFOR AND AGAINST REGIONAL GOVTDRAMA AS FAYOSE DECLARES SELF PDP NATIONAL CHAIRMAN, SUSPENDS WIKE, ATIKU, OTHERSENUGU GOVT WITHDRAWS MONARCH’S RECOGNITION OVER LAWYER’S MURDERFCT MINISTER, NYESON WIKE, BAUCHI GOVERNOR, BALA MOHAMMED, DIVIDE PDPNEW EDUCATION CURRICULUM: EVERY STUDENT MUST GRADUATE WITH TWO SKILLSFUBARA’S REFUSAL TO OBEY COURT JUDGEMENT CAUSE OF RIVERS VIOLENCE – INDEPENDENT OBSERVERSPDP CRISIS: GOVERNORS BACK EMBATTLED NATIONAL CHAIRMAN, DAMAGUNAPC BERATES ROTIMI AMAECHI, SAYS HE’S INVITING ANARCHY IN NIGERIASOWORE, FORMER PRESIDENTIAL CANDIDATE, BARRED FROM LEAVING NIGERIA BY IMMIGRATION SERVICEAPC SUSPENDS TINUBU’S MINISTER, OTHERSCOURT BARS PDP NEC, BOT FROM SACKING DAMAGUM AS ACTING NATIONAL CHAIRMANFG ANNOUNCES FULL DEREGULATION OF PETROLEUM INDUSTRYCHIEF JUDGE REJECTS NYAKO’S RECUSAL FROM NNAMDI KANU’S CASE, RETURNS CASE FILEMY HUSBAND NOT CAUSE OF NIGERIA’S PROBLEM – TINUBU’S WIFERECENT LOCAL GOVT ELECTIONS IN STATES ACROSS NIGERIA, A SHAM, RAPE OF DEMOCRACY – SENATECHIDINMA ADETSHINA NAMED ENUGU STATE BRAND AMBASSADORPDP CRISIS WORSENS AS FACTIONS SUSPEND EACH OTHERNCC COMPLETES NIN-SIM LINKAGE FOR ALL PHONE NUMBERSWHY I PREFER TRADITIONAL WORSHIP TO CHRISTIANITY, ISLAM – SOYINKAWTO SELECTS UNN, OTHERS FOR TRADE RESEARCH PROGRAMMEYOU DON’T HAVE CAPACITY TO BRING DOWN MILITARY AIRCRAFT – DHQ TELLS DOKUBONO FOOD FOR LAZY MAN – TINUBU’S WIFE TELLS NIGERIAN YOUTHS TO WORK HARDFUBARA ASKS LAWYERS TO APPEAL COURT JUDGEMENT AFFIRMING WIKE’S LOYALIST AS ASSEMBLY SPEAKER2024 RIVERS BUDGET A NULLITY – APPEAL COURTFUBARA LOSES AS APPEAL COURT AFFIRMS PRO-WIKE LAWMAKER AS AUTHENTIC SPEAKER OF RIVERS ASSEMBLYI SACRIFICED MY POLITICAL CAREER IN FINLAND FOR BIAFRA’S INDEPENDENCE – SIMON EKPANNAMDI KANU’S WIFE BEGS UK GOVT TO INTERVENE IN IPOB LEADER’S CASEFUEL PRICE HIKE: TINUBU LISTENED TO DANGOTE – IPMAN CHAIRROYAL FATHERS TO FG: WE WANT DIRECT PAYMENT OF OUR 5% ALLOCATION13 EX-BOKO HARAM FIGHTERS ESCAPE WITH GOVT RIFLES, MOTORCYCLESHOUSE OF REPS BEGINS MOVE TO PROBE BUHARI GOVTRIVERS, CAPITAL OF BETRAYALS, MOST POLITICIANS PASSED THROUGH ME – AMAECHINIGERIAN LAMENT FRESH FUEL INCREASEHOW NIGERIANS HAVE ENDURED PETROL PRICE HIKE FOR 18 MONTHS – FROM N198 TO N1,030/LITREWHY NNPC INCREASED FUEL PUMP PRICE – MARKETERSREVERSE PETROL PUMP PRICE IMMEDIATELY – NLC TELLS FEDERAL GOVTAGAIN, NNPC INCREASES FUEL PUMP PRICE TO N1,030/LITRESEEK PERMISSION BEFORE USING THE NATIONAL ANTHEM – FGCONFUSION IN SENATE OVER LOCAL GOVT AUTONOMYNIGERIAN ARMY GENERAL DETAINED FOR STEALING RICE PALLIATIVESOUTH KOREAN INVESTORS TO BUILD FOUR REFINERS IN NIGERIADOZENS KILLED, OTHERS INJURED AS SOLDIERS CLASH WITH GUNMEN IN IMOAPPEAL COURT SACKS PDP REPS MEMBER, ATIGWE, DECLARES LP CANDIDATE, AGBO WINNERCONCERNED IGBO CLERICS ACCUSE SOUTH EAST GOVS OF FRUSTRATING NNAMDI KANU’S RELEASEMIXED REACTIONS TRAIL CONFLICTING COURT ORDERS IN RIVERSPETER OBI, LP CARETAKER COMMITTEE REJECT COURT JUDGEMENT ON ABUREOUR REFINERY WAS BUILT WITHOUT GOVT INCENTIVE – DANGOTEPDP LEADERS CLASH OVER ATIKU, WIKEI’VE NO APOLOGY WORKING AGAINST PDP IN 2023 – WIKEI ALLOWED FUBARA TO GOVERN INDEPENDENTLY – WIKEWIKE BLAMES FUBARA FOR VIOLENCE IN RIVERS, SAYS HE DISRESPECTS RULE OF LAWFUBARA SETS UP COMMISSION OF INQUIRY ON RIVERS CRISISWHO WILL RESCUE NIGERIA FROM TINUBU IN 2027CAMEROONIAN PRESIDENT, PAUL BIYA, RUMOURED DEAD, SUCCESSION BATTLE BEGINSABURE HAPPY OVER COURT VICTORY, WANTS OBI TO HELP UNITE PARTYCOURT AFFAIRS JULIUS ABURE AS CHAIRMAN OF LABOUR PARTYI KNELT COUNTLESS TIMES TO BEG WIKE – FUBARAPENSIONERS TO RECEIVE INCREMENTAL BENEFITS – PENCOMI’M A BIT CONCERNED WHEN TINUBU MENTIONED ONLY MY NAME – FUBARABOBRISKY: AGAIN, VDM INDICTS EFCC, PRISON OFFICIALS, SANCONFLICTING COURT DECISIONS CAPABLE OF DERAILING NIGERIAN DEMOCRACY – OZEKHOMETINUBU SAD AS NIGERIANS LABEL HIM ‘TPAIN’ DUE TO HARDSHIPPAY OUR SALARIES TO LOCAL GOVT SERVICE COMMISSION – NULGE, NUT, NUP TELL FEDERAL GOVTLG POLLS CONDUCTED BY SIECS, TRAVESTY OF DEMOCRACY – YIAGA AFRICA
Wed. Oct 16th, 2024

SOUTH KOREAN INVESTORS TO BUILD FOUR REFINERS IN NIGERIA

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SOUTH KOREAN INVESTORS TO BUILD FOUR REFINERS IN NIGERIA

A consortium of South Korean investors is set to build four refineries, each with a 100,000-barrel-per-day capacity, in various parts of Nigeria.

This was disclosed by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during the first summit organised by the Crude Oil Refineries Owners Association of Nigeria, held in Lagos on Tuesday.

According to Lokpobiri, the Federal Government was committed to attracting refinery investments by creating an open and conducive environment. He emphasised the importance of public-private partnerships as a means to drive development in the midstream and downstream sectors of the oil and gas industry. He also highlighted the government’s approval for the South Korean consortium to establish the new refineries, although he did not disclose the consortium’s name.

“We encourage investors to build limited refineries by providing an open environment. A recent approval was granted to invite to Nigeria a consortium of investors from South Korea, which intends to establish four 100,000 barrels-model refineries in four different locations in Nigeria,” Lokpobiri stated.

He explained that the Federal Government’s approach included equity investment in both modular and larger refineries, aimed at ensuring energy security for the nation. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has also published guidelines to enhance transparency and facilitate local refinery access to crude oil supplies.

“In addition, we prioritise and work with stakeholders to ensure effective implementation of the recommendations of the Modular Refinery Committee to give special concession to local refineries’ owners, thereby guaranteeing feedstock to their refineries,” he added.

Addressing the potential economic impact, Lokpobiri said, “We will ensure the deregulation of the downstream sector is 100 percent and put in place a necessary framework that will ease the impact on the poor masses.”

He also mentioned steps being taken to simplify access to tax exemptions for importing refinery equipment as part of the strategy to make Nigeria self-sufficient in petroleum refining. In his remarks, he suggested that the Petroleum Industry Act (PIA) could be amended to allow a portion of the National Gas Infrastructure Fund to support refinery-related infrastructure.

Lokpobiri also noted that the ministry is looking to foster partnerships for knowledge transfer and workforce development in refinery operations. “In no distant time, we intend to create the apprenticeship programme in collaboration with existing refineries to develop expertise in our refinery operations,” he disclosed.

To combat crude oil theft and illegal refining activities, Lokpobiri revealed that an international emergency committee has been established to find home-grown solutions for refining within the country.

    • Dons Eze

    DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

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    FUEL PRICE HIKE: TINUBU LISTENED TO DANGOTE – IPMAN CHAIR

    HIKE IN FUEL PRICE: TINUBU LISTENED TO DANGOTE – IPMAN CHAIR The National President of the Independent Marketers Association of Nigeria, Abubakar Garima, has revealed that the Nigerian National Petroleum Company Limited is currently asking oil marketers to buy petroleum products from its depot at N1,010 per litre in Lagos State. He stated that the price peg is significantly higher than what the oil company paid to purchase products from the Dangote Refinery. According to him, the company purchased the product from the refinery for between N800 and N900 but is asking marketers to sell it at N1,010 per litre in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri. Garima said this when he appeared on ChannelsTv Sunrise Daily on Thursday. Recall that on Wednesday, the retail stations of NNPC raised the price of petrol to N1,030 from N897/litre in Abuja, and in Lagos, it was hiked to N998/litre from N868/litre. Other locations witnessed similar price hikes, a development that triggered anger among Nigerians. The price hike, the second in one month, represents about 14.8 per cent or N133 rise. With the latest price adjustment, it means that in the less than 17 months of the current administration, the price of petrol has risen by over 430 per cent from May 29, when it took over the reins of power. Although Nigerians had expected cheaper fuel prices following the commencement of the naira for crude sales, the IPMAN chair attributed the recent adjustment in the price of fuel to the impacts of the deregulation of the sector. He said, “Well, we know now that we cannot call it an increase, but rather, we can call the removal of subsidy deregulation. Now, deregulation has started taking place fully. “But our major challenge now is that independent marketers have an outstanding debt from the NNPCL and the company collected products through Dangote at a lower rate which is not up to N900 but they are telling us now to buy this product from them at the price of N1,010 per litre in Lagos, N1,045 in Calabar, N1,050 in Port-Harcourt and N1,040 in Warri.” On why the marketers haven’t approached Dangote to get the product at the same price, Garima explained, “We have a problem with that because we have booked products through the NNPCL, and suddenly, when they decided to increase the price, they are now asking us to add more money to buy above what Dangote is selling to them. “We have informed them to return our money to our banks so that we can go directly to Dangote for our supply. Presently, our money is with them, for about three months. We buy our products from them before loading. NNPC doesn’t sell on credit and when products are available, they call us to pick them up. “But with the recent changes, we have requested that they sell to us at Dangote price or return our money. That’s the current situation and is the reason for the scarcity. We started negotiation yesterday. “Dangote is selling to them around N800 to N900 and we are asking that it should be sold at that same price. We can decide to sell at a lower price of N1,020 or N1,010. “We also refused to buy it because they bought it at a cheaper price from Dangote but want to sell it more expensive than the amount they currently sell at their stations. This is a great challenge because this will mean our price will be higher, and it also means they would have a profit of over N100 per litre.” He added, “Marketers want to be fully engaged in the business of petrol and its components. The NNPCL has been the one bringing…

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