FG May Sell Port Harcourt Refinery After $1.5bn Rehabilitation - Timipre Sylva Says

 

The federal government may consider selling the Port Harcourt refinery after the planned rehabilitation which is put at the cost of $1.5 billion, Minister of State for Petroleum Resources, Timipre Sylva has revealed.

Speaking in an interview on Channels Television programme ‘Politics Today’ monitored by Daily Independent, the Minister who was responding to questions on why the federal government chose to repair the refinery after several failed efforts in the past, said it is improper to sell a refinery that is not working.

He also added that when functional, the refinery will not be managed by the Nigerian National Petroleum Corporation (NNPC) but will be handed to a professional operations and management company to manage its affairs.

In his phrases “I recognize there was dialogue about selling the refineries. There became clearly a time that the refineries was certainly bought and then that selection turned into additionally reversed. Inside the records of the refinery, plenty has took place”.

“The thinking is that you do no longer promote a refinery that is not functioning. It isn't always each sale that brought about fulfillment. For example, we sold Ajaokuta Steel plant however it did not make any difference. The those who sold it handiest tried to cannibalised it after which try and sell it off”.

“We consider that if you promote a refinery that isn't running, the folks that purchase it might just decide to cannibalise it after which sell it off. And then what are you going to say in view that you've got sold it?”

“What we want to do is to ensure that the refinery is operating first earlier than we take that selection on what step to take subsequent. That is why we are going to restore this refinery. Let this refinery paintings successfully at 100 percentage”.

“Then this time, we're going to get a expert Operations and Maintenance ( O&M) employer to run the refinery. This time it isn't going to be NNPC or authorities so as to run it when we rehabilitate it”.

“At that point, whilst the refinery is operating at full capacity, the government will then take a choice what to do with it; both to promote it off to private area or to denationalise it. Whatever authorities desires to do with it will likely be completed after the rehabilitation but allow us to make sure that we are capable of give Nigerians a functional refinery first” .