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NNPC Considering Sale Of Refineries, Rehabilitation Becoming More Complicated: Bayo Ojulari

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NNPC Considering Sale Of Refineries, Rehabilitation Becoming More Complicated: Bayo Ojulari

NNPC considering sale of refineries, rehabilitation becoming more complicated: Bayo Ojulari. Bayo Ojulari, the group chief executive officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, says it is becoming a ‘bit more’ complicated to revamp state-owned refineries.

On November 26, the NNPC said the Port Harcourt refinery had officially commenced crude oil processing, but the refinery shut down in May for maintenance.

The Warri and Kaduna refineries are, however, still undergoing rehabilitation.

In an interview with Bloomberg on Thursday, Ojulari said the NNPC is currently reassessing its refineries strategies and aims to finalise the review by year-end.

The NNPC boss spoke to Bloomberg on the sidelines of the 9th OPEC international seminar in Vienna, Austria.
“So refineries, we made quite a lot of investment over the last several years and brought in a lot of technologies. We’ve been challenged,” he said.

“Some of those technologies have not worked as we expected so far. But also, as you know, when you’re refining a very old refinery that has been abandoned for some time, what we’re finding is that it’s becoming a little bit more complicated.

“So we’re reviewing all our refinery strategies now. We hope before the end of the year, we’ll be able to conclude that review. That review may lead to us doing things slightly differently.”

Ojulari further said NNPC remains uncertain whether the review will result in the sale of the refineries.

“But what we’re saying is that sale is not out of the question. All the options are on the table, to be frank, but that decision will be based on the outcome of the reviews we’re doing now,” he said.

‘OPERATING COST OF PRODUCTION IN UPSTREAM SECTOR ABOUT $20 PER BARREL’

Ojulari also said the operating cost of oil production in Nigeria ranges between $20 and $30 per barrel.

“For the cost of crude production, there’s a capital cost and there are the operating costs,” he said.
“The operating cost right now in Nigeria is hovering over $20 per barrel, which is quite high.

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NNPCL

“Part of that is because of the investment we’ve had to make in terms of security of our pipelines, which as you know, today we have 100 percent availability of our pipelines. That came out of significant investment.

“So we believe with time, with stability, that cost will start going down, but for now it’s somewhere between $25 and $30 a barrel.”
Ojulari added that by the end of the year, the country plans to increase oil output to 1.9 million barrels per day (bpd).

Economy

ADC Is Nigeria’s Only Reliable Political Party, Others Brought Insecurity, Hunger, Says Atiku

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Terrorists Alternative Government Under Tinubu

ADC Is Nigeria’s Only Reliable Political Party, Others Brought Insecurity, Hunger, Says Atiku

ADC is Nigeria’s only reliable political party, others brought insecurity, hunger, says Atiku. Former Vice-President Atiku Abubukar says the African Democratic Congress (ADC) is the only reliable political party in the country, noting that others have brought insecurity, hunger, poverty and unemployment.
Speaking in Jalingo, the capital of Taraba state, during the official opening of the ADC state secretariat, Abubakar said the party is ready for a 2027 victory but urged Nigerians to unite to rescue the nation.

He also asked Taraba residents to take part in the ongoing continuous voter registration exercise, adding that their participation is crucial to reversing Nigeria’s worsening hardship.
“I am in Taraba to inaugurate our new party office of the ADC, and I want you to hold the party with integrity,” Channels Television quoted Atiku as saying.

“Do not allow anybody to deceive you with any other party, because we have tasted other political parties, and they brought nothing but insecurity, hunger, poverty and unemployment. “The youths and women should know that we are doing this for them to have a better future, and I am holding on to their promise. “ADC will win Taraba state and win Nigeria as the only reliable political party.”

ADC Is Nigeria’s Only Reliable Political Party

ADC Is Nigeria’s Only Reliable Political Party

 

Abubakar, who formally joined the ADC on Monday—17 months before the 2027 general election—said his experience across political platforms convinced him that the All Progressives Congress (APC), the Peoples Democratic Party (PDP) and other parties lack the capacity to rescue the country.

He resigned from the PDP on July 16, citing “irreconcilable differences” within the opposition party as his reason for leaving.

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Akwa Ibom

Akwa Ibom Governor Pledges Commitment To Tourism, Blue Economy Development

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Maritime Growth

Akwa Ibom Governor Pledges Commitment To Tourism, Blue Economy Development

Akwa Ibom governor pledges commitment to tourism, blue economy development… commends Editi Effiong for projecting State’s tourism potentials

As part of his effort to encourage tourism and enhance the State’s blue economy, Akwa Ibom State Governor, Pastor Umo Eno, has reiterated his administration’s commitment to encourage and reward young professionals who are willing to collaborate with his administration in promoting the positive image of the State through the ARISE Agenda.

The Governor made this known while fielding questions from Government House correspondents shortly after embarking on inspection of a locale of a movie, “The Black Book 2” (Old Scores), at Ishiet Beach/Market in Uruan Local Government Area.

He commended the movie Producer and Director, Mr. Editi Effiong, for his talent, vision, inspiration, and creative ability to project the tourism potentials and boost the economy of the State.

Governor Eno charged young Akwa Ibomites to shun divisive tendencies, be inspired, and emulate the creative effort of successful Akwa Ibom sons and daughters by joining hands to develop the tourism and blue economy of the State.

“The impression is amazing, seeing that we have one of our own trying to pull the world down here.

“I would love to thank and encourage him, and to let our young people see that Akwa Ibom has what it takes to drag the world’s attention.

“It depends on what you see. Someone can see this place and write one story about a swamp that has been abandoned and make all the noise. Another person sees this place and makes a great movie out of it that will market this place to the world and is able to attract the attention because of the work he has done here,” he said.

The State Chief Executive pledged his encouragement, support, and collaboration with Editi and other young Akwa Ibomites to enable them rise to the zenith of their calling.

“We are going to work with him. Editi is a young man I have known very well. This is one thing I say to our people in the diaspora, let’s partner. Come back home, whatever you see out there, bring it back here, and let’s work together.

“I think that is the story, and I am really impressed. If you know the number of people that have visited this State in the course of this film, the talents, and the caliber of artists that have been here, then this young man deserves an award and our support,” he added.

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Ibom Deep SeaPort

On his part, the movie Producer and Director, Effiong, appreciated Governor Eno for his visionary leadership and passion for tourism development.

He expressed gratitude to the Governor for creating a hospitable and tourism friendly ecosystem to enhance talent exploration through the provision of good road network and quality modern facilities which distinguished the State as one of the most treasured locations in the country.

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Crime

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

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EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC releases ex-AGF Malami after hours of interrogation. He said he would return for further questioning.

The Economic and Financial Crimes Commission (EFCC) has released the former attorney general of the federation and minister of justice, Abubakar Malami, after hours of interrogation by the anti-graft team.

Mr Malami confirmed his release in his X account on Saturday. The former minister said that he had been released and scheduled for another meeting with investigators.
He said that the reality behind the “fabricated allegations” levelled against him would become clearer with time.

“In line with my undertaking to keep Nigerians updated on my invitation by EFCC, I give glory to Allah for his divine intervention. “The engagement was successful and I am eventually released while on an appointment for further engagement as the truth relating to the fabricated allegations against me continues to unfold.”

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

The EFCC had summoned Mr Malami through a letter dated November 24, and signed by Sunday Ofen-Imu on behalf of its chairman, Ola Olukoyede.

The EFCC did not disclose the specific allegations for which Mr Malami was invited.

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