{"id":91533,"date":"2022-02-05T07:59:49","date_gmt":"2022-02-05T06:59:49","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=91533"},"modified":"2022-02-05T07:59:49","modified_gmt":"2022-02-05T06:59:49","slug":"refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/","title":{"rendered":"Refineries\u2019 rehab costs N100b, a waste amid huge oil import bill"},"content":{"rendered":"<div id=\"m34735\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">Muhammadu Buhari as both President and Oil Minister wasted N100 billion on rehabilitating Nigeria\u2019s four refineries in 2021 without any of them producing a single litre of refined oil: meaning they are conduits for cronies to milk the treasury.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal  \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">This has gone on for years, before he won Aso Rock, but escalated since he became President and planted Northerners in all the key posts in the Nigerian National Petroleum Company (NNPC), even as crude oil is domiciled in the South.<\/p>\n<p>Federal lawmakers too are in on the act, stealing from the treasury since the Olusegun Obasanjo years by voting billions of naira every year to amend the Constitution, which they fail to do.<\/p>\n<p>Successive federal administrations refuse to do the best thing, which is privatising the refineries, because they provide avenues for turn around maintenance (TAM) contracts in inflated sums shared by Abuja officials.<\/p>\n<p>The NNPC disclosed in its latest report that it spent N100 billion to maintain the\u00a0 refineries in 2021 and that funds were pumped into revamping them monthly.<\/p>\n<p>The report of its funding from January to December 2021 did not name the refineries but it is public knowledge that the four national refineries are under the management of the NNPC, with the rehabilitation of Port Harcourt Refinery ongoing.<\/p>\n<p>The others are Kaduna Refinery, Warri Refinery, and a second one in Port Harcourt.<\/p>\n<p>The funding performance report said N8.33 billion was spent each month for 12 months from January to December 2021 to rehabilitate the refineries.<\/p>\n<p>Rehabilitation budget<\/p>\n<p>Pointblanknews.com reports that Abuja has processed $98 million and N17.2 billion as part payments for the rehabilitation of the Port Harcourt Refinery.<\/p>\n<p>The newspaper quoted the document of the NNPC as saying that $194 million has been paid to Tecnimont SpA of Italy as 15 per cent advance payment for the job.<\/p>\n<p>This is contained in the financial status update of the rehabilitation of Port Harcourt Refinery being financed by an equity contribution by AfreximBank, the sponsor and loan lender.<\/p>\n<p>The document shows that the Engineering, Procurement, Construction, Installation, and Commissioning (EPCIC) contract price remains at $1.397 billion lump sum with $162 million as provisional sum.<\/p>\n<p>That brings the total cost to $1.559 billion, as approved by the Federal Executive Council (FEC) on 17 March 2021.<\/p>\n<p>The FEC approved the award of the EPCIC contract to Tecnimont\u00a0 and the contract agreement was signed on 6 April 2021, according to the report of the NNPC.<\/p>\n<p>FEC approval for Warri and Kaduna Refineries<\/p>\n<p>The FEC approved $1.48 billion for the rehabilitation of both Warri and Kaduna Refineries, as announced in August 2021 by Petroleum Resources Minister of State Timipre Sylva after a FEC meetings in Abuja.<\/p>\n<p>Sylva said rehabilitation of the two refineries would be awarded to Messers Saipem SPA and Saipem Contracting Limited at $1.484 billion and would be done in three phases of 21, 23, and 33 months.\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Muhammadu Buhari as both President and Oil Minister wasted N100 billion on rehabilitating Nigeria\u2019s four refineries in 2021 without any of them producing a single litre of refined oil: meaning&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":85783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-91533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Refineries\u2019 rehab costs N100b, a waste amid huge oil import bill - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Refineries\u2019 rehab costs N100b, a waste amid huge oil import bill - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"Muhammadu Buhari as both President and Oil Minister wasted N100 billion on rehabilitating Nigeria\u2019s four refineries in 2021 without any of them producing a single litre of refined oil: meaning&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/\" \/>\n<meta property=\"og:site_name\" content=\"Pointblank News\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-05T06:59:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2021\/09\/Buhari-thinking.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"933\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Our Reporter\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Our Reporter\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/\"},\"author\":{\"name\":\"Our Reporter\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\"},\"headline\":\"Refineries\u2019 rehab costs N100b, a waste amid huge oil import bill\",\"datePublished\":\"2022-02-05T06:59:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/\"},\"wordCount\":471,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2021\/09\/Buhari-thinking.jpg\",\"articleSection\":[\"Exclusive\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/\",\"name\":\"Refineries\u2019 rehab costs N100b, a waste amid huge oil import bill - Pointblank News\",\"isPartOf\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2021\/09\/Buhari-thinking.jpg\",\"datePublished\":\"2022-02-05T06:59:49+00:00\",\"author\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\"},\"breadcrumb\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#primaryimage\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2021\/09\/Buhari-thinking.jpg\",\"contentUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2021\/09\/Buhari-thinking.jpg\",\"width\":1200,\"height\":933},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/pointblanknews.com\/pbn\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Refineries\u2019 rehab costs N100b, a waste amid huge oil import bill\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#website\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/\",\"name\":\"Pointblank News\",\"description\":\"Just the news\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/pointblanknews.com\/pbn\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\",\"name\":\"Our Reporter\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g\",\"caption\":\"Our Reporter\"},\"url\":\"https:\/\/pointblanknews.com\/pbn\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Refineries\u2019 rehab costs N100b, a waste amid huge oil import bill - Pointblank News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/","og_locale":"en_US","og_type":"article","og_title":"Refineries\u2019 rehab costs N100b, a waste amid huge oil import bill - Pointblank News","og_description":"Muhammadu Buhari as both President and Oil Minister wasted N100 billion on rehabilitating Nigeria\u2019s four refineries in 2021 without any of them producing a single litre of refined oil: meaning&hellip;","og_url":"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/","og_site_name":"Pointblank News","article_published_time":"2022-02-05T06:59:49+00:00","og_image":[{"width":1200,"height":933,"url":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2021\/09\/Buhari-thinking.jpg","type":"image\/jpeg"}],"author":"Our Reporter","twitter_misc":{"Written by":"Our Reporter","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#article","isPartOf":{"@id":"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/"},"author":{"name":"Our Reporter","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c"},"headline":"Refineries\u2019 rehab costs N100b, a waste amid huge oil import bill","datePublished":"2022-02-05T06:59:49+00:00","mainEntityOfPage":{"@id":"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/"},"wordCount":471,"commentCount":0,"image":{"@id":"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#primaryimage"},"thumbnailUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2021\/09\/Buhari-thinking.jpg","articleSection":["Exclusive"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/","url":"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/","name":"Refineries\u2019 rehab costs N100b, a waste amid huge oil import bill - Pointblank News","isPartOf":{"@id":"https:\/\/pointblanknews.com\/pbn\/#website"},"primaryImageOfPage":{"@id":"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#primaryimage"},"image":{"@id":"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#primaryimage"},"thumbnailUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2021\/09\/Buhari-thinking.jpg","datePublished":"2022-02-05T06:59:49+00:00","author":{"@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c"},"breadcrumb":{"@id":"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#primaryimage","url":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2021\/09\/Buhari-thinking.jpg","contentUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2021\/09\/Buhari-thinking.jpg","width":1200,"height":933},{"@type":"BreadcrumbList","@id":"https:\/\/pointblanknews.com\/pbn\/exclusive\/refineries-rehab-costs-n100b-a-waste-amid-huge-oil-import-bill\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/pointblanknews.com\/pbn\/"},{"@type":"ListItem","position":2,"name":"Refineries\u2019 rehab costs N100b, a waste amid huge oil import bill"}]},{"@type":"WebSite","@id":"https:\/\/pointblanknews.com\/pbn\/#website","url":"https:\/\/pointblanknews.com\/pbn\/","name":"Pointblank News","description":"Just the news","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/pointblanknews.com\/pbn\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c","name":"Our Reporter","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g","caption":"Our Reporter"},"url":"https:\/\/pointblanknews.com\/pbn\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts\/91533","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/comments?post=91533"}],"version-history":[{"count":0,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts\/91533\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/media\/85783"}],"wp:attachment":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/media?parent=91533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/categories?post=91533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/tags?post=91533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}