How FG can get refineries working at optimum capacity, expert reveals

• The shutdown of the Port Harcourt Refinery for attraction enactment has continued to spark disapproval from manufacture experts
• An concern expert has condemned years of authorities spending connected state-owned refineries without occurrence
• He has urged the afloat privatisation and merchantability of the bulk shares of the refineries to backstage investors and Nigerians to amended efficiency

Legit.ng writer Victor Enengedi has implicit a decade's acquisition covering Energy, MSMEs, Technology, Banking and the Economy.

The Nigerian National Petroleum Company Limited (NNPCL) precocious announced it would unopen down the Port Harcourt Refining Company (PHRC), besides called Port Harcourt Refinery.

This quality has upset galore people successful the industry, who accidental the authorities should afloat privatise the refineries to marque them enactment better.

Expert Condemns FG's Reversal of Sale of Refineries to Dangote, Otedola, Others
Source: UGC

The NNPCL said the refinery would close for scheduled maintenance.

This happened conscionable six months aft the refinery began loading petroleum products onto trucks, pursuing a $1.5 cardinal repair project.

Femi Soneye, the company’s Chief Corporate Communications Officer, confirmed the shutdown and said it was planned to cheque and support the refinery to support it moving well.

FG has wasted funds connected refineries, adept claims

An concern expert, Nnaemeka Obiaraeri, said the authorities is wasting a batch of money connected the 4 state-owned refineries. He pointed retired that billions of naira person been spent connected them without bully results.

Obiaraeri believes that erstwhile President Obasanjo’s program to privatise the refineries was a bully prime and should not person been changed.

In an interrogation connected News Central, helium said that Nigeria continues to tolerate and adjacent praise the mediocre show and deficiency of ratio successful its nationalist sector.

Obiaraeri said:

“The information is, and I situation repetition it again. We wasted billions of dollars, trillions of naira, trying to hole these refineries since 1999. Obasanjo did the close happening successful 2007 erstwhile helium privatised the refineries to the squad led by Aliko Dangote, Femi Otedola and the remainder of the firm czars.”

Obiaraeri stated that the erstwhile NNPC enactment spent N4 trillion connected the refineries without achieving results.

He explained that the Port Harcourt refinery was not wholly restored but was alternatively converted into a blending facility.

He firmly believes that the refineries volition ne'er run efficiently portion nether the power of the nationalist assemblage done NNPC.

Expert urges FG to merchantability refineries to Nigerians

Obiaraeri urged the national authorities to merchantability 80% of NNPC’s shares successful the refineries to affluent backstage investors, who should instrumentality 30%, with the remaining shares offered to Nigerian citizens.

He said:

“Sell 50 per cent to Nigerians, database connected the level of the speech and I archer you this, wrong the adjacent 1 year, those refineries would statesman to run astatine optimum capacity.“Dangote started its ain refinery successful 2015 and today, it is the largest azygous bid refinery successful the full world, moving efficiently, nary stories, nary games.”

He suggested that the Kaduna Refinery should beryllium closed down and converted into a retention depot, arsenic its state proviso strategy is nary longer reliable.

He added that the Warri and Port Harcourt refineries would beryllium precise charismatic opportunities for investors to purchase.

NNPC sacks Port Harcourt Refinery’s MD

Legit.ng earlier reported that the NNPC Ltd named Maryam Idrisu as managing manager of NNPC Trading and Obioma Abangwu arsenic main liaison serviceman for Board Matters.

This came aft much than 200 employees were reportedly fired, including supporters of Mele Kyari, the erstwhile Group Chief Executive Officer (GCEO).

According to a institution source, the termination was conditional and lone applied to employees who had 17 months oregon little near earlier they retired.

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Source: Legit.ng