How far, my people? Na so PENGASSAN come dey yarn today say dem no go gree make anybody shake dem on top renewal of Port Harcourt Refinery.
Dem talk say all dis rehab work wey dey happen na serious investment no be waste. Festus Osifo, wey be PENGASSAN President, don talk say if NNPC decide to start am, dem fit restart am within one week. E mean say dis refinery no be ghost wey don die!
But wahala no dey far, as Bayo Ojulari, the NNPC GCEO, don talk say e be like say refineries dey drag Nigeria down financially. E don dey call am “monumental loss” like say na wetin dem fit carry make joke for comedy show.
Osifo no gree take Ojulari matter lightly, as he don remind us say dem don dey shout for dis Port Harcourt refinery matter for almost twenty years now. E talk say wetin don happen now no be surprise for dem. Dem don dey warn since say if dem wan run dis refinery well, na to use NLNG model be dia solution.
Na him dey explain say the money wey dem pump for the refinery no be just shower for ground. Dem change compressors, control room panels, and even turbines! So, wetin we dey talk here be say, the assets still dey intact. E matter no bad like dem dey make am look, abeg!
Osifo don dey show us how dis thing be. E talk say dis refinery fit run again like car wey don dey park for five years. E just need small tweaks and e go dey rev up like say na Ferrari! He don estimate say the value don rise from $3m or $4m to maybe $8m or $9m. Na big upgrade wey go fit change the game.
But wait o, na still problem dey for di old refinery. E fit work but no fit dey profitable now. Na lower-value products like kerosene and diesel na wetin e dey churn out. Osifo talk say dis old refinery no suppose dey produce final Premium Motor Spirit (PMS) at all! E just dey do backup work for di new one.
Osifo come dey vex give those wey dey talk say dem go sell dis refineries outright. Him dey shout say make dem try equity structure make true investors (the ones wey sabi wetin dem dey do) handle things, while government no dey too involved. 49% for government, 51% for the real owners!
For those wey dey hear say Nigeria don drop $25bn fixing dis refineries, Osifo don shake dem head, tell dem say dat figure na serious inflation of truth! E say actual maintenance no start until 2021. Na when dem dey do dey serious work and spend around $1.5 billion for Port Harcourt refinery.
Nigeria get three main state refineries—Port Harcourt, Warri, and Kaduna—all of dem dey struggle like say dem be primary school students for exam period. But compare am with NLNG, wey dey shine like star! Dem dey drop profits dey smile, while Nigeria dey manage this one like say na wahala.
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