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Making modular refineries profitable

As Nigerians await the coming on stream of modular refineries, operators and stakeholders in the petroleum sector have emphasized the need for a clear commercial framework, proper logistics, deregulation of the downstream sector and certain government guarantees. They argued that without these, investors will face difficulties in recouping their investments, while the country will not achieve any meaningful benefits from the refineries.

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Kachikwu

Cutting costs will improve efficiency, profitability – Kachikwu

They are under review. People signed contracts, and what I have tried to do is to review those contracts and get the best value yield. When you enter into an operatorship agreement for a certain number of years and people go ahead and make some investments, sometimes we presume that you just cancel it and walk away like that. It has some financial implications. What I am doing is to review each of those contracts, get the best value we can from them. We are now migrating from sole operatorship of third parties to joint operatorship between them and NPDC (National Petroleum Development Company).

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File Photo: Joint Task Force, Operation Pulo Shield, impounded this                                    vessel, MT Shandy, over suspected crude oil theft.

Why Nigerian vessels don’t operate mid-stream discharge

Ibi Siddon, is the Managing Director, Union Admiralty Nigeria Limited, a frontline logistic and shipping company. In this interview with SweetCrude’s Godfrey Bivbere, he explained why Nigerian ship owners are unable to engage in mid-stream discharge of petroleum products; the difficulties in insuring indigenous vessels as well as the absence of dry docking facilities in the country and much more. Excerpts:

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