Jonathan Okays Privatization Of Refineries, Setting Up Of Steering C’ttee

warri-refinery.jpgPresident Goodluck Jonathan has approved the privatization of the nation’s four refineries by the Bureau of Public Enterprises (BPE).

In a statement on Friday signed by the Head of Public Communications of BPE, Mr Chigbo Anichebe, the president also approved the constitution of a Steering Committee made up of stakeholders from relevant ministries and agencies for the privatization process.

According to BPE, the decision to privatize the refineries was in line with the economic reform programme of the current administration.

The statement said: “This is in keeping with the transformation agenda, which seeks to catalyse and provide an enabling environment for the private sector to be the drivers of economic growth in the country”.

The four refineries are Port Harcourt Refining Company Ltd. I, Port Harcourt Refining Company Ltd. II, Kaduna Refining and Petrochemical Company Ltd. and Warri Refining and Petrochemical Company Ltd.

The statement added that the Steering Committee will advise the National Council on Privatisation, NCP, which is chaired by Vice President Namadi Sambo on the best way to privatize the refineries.

“The committee will review the diagnostic reports and recommendations of the transaction advisors and make recommendations to the NCP, propose modalities and make recommendations on labour matters to ensure a successful privatization.

“They will also oversee the general process, make recommendations, carryout any other ancillary activities relevant to the attainment of the goals of the Federal Government in the privatisation of the nation’s refineries”, it said.

The Steering Committee is to be chaired by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, with the Minister of Finance and Coordinating Minister of the Economy (Ngozi Okonjo-Iweala), the Minister of Power (Chinedu Nebo), Minister of Labour​​ (Emeka Wogu), the Minister of National Planning (Shamsuddeen Usman), Minister of Mines and Steel Development (Musa Mohammed Sada) and Minister of Justice (Mohammed Bello Adoke) as members.

Others are the chairman of the Extractive Sub Committee of NCP, Special Adviser to the Vice President on Economy, Group Managing Director of NNPC, Director General of BPE, Group Executive Director (Refineries), NNPC, and the Managing Directors of the refineries.

The Director of Oil and Gas Department, BPE, will act as Secretary of the committee.

2 Comments

  • I am STRONGLY in support of our refineries. So as for them to function. Any strike action against this, is the working of the cabal in the oil sector

  • The decision we make today determines our tomorrow. The action or inaction of a man will either be regretted or appreciated. Some people who SAW while others were LOOKING sought for money to purchase some plots of land at the present Lekki Penninsula when a plot of land in that arear was been sold for as low as between N500,000 and N1m; are reaping the benefits now that its now been sold for as high as N130m. Some heard of it then and ignored it or never believed such an area could develop, bringing about drastic appreciation of properties in the area. Lekki Free Trade Zone, The New International Airport, The Deep Seaport (which will be the second in Africa after that in South Africa), The Lagos Industrial site, Eleganza Industrial site, The Permanent site of PAN Africa University and many more developmental projects are springing up in Epe, Ibeju Lekki and their axis. Blue Chip Companies are now acquiring hecters of land in that area. Just for the ones
    that have foresight and will take action while others are ignoring, PWAN HOMES LTD is now selling Estate Lands for as low as between N330,000 and N1.5m at Ajah, Ibeju Lekki and their environs. Promo is currently on for limited time. Some of these lands are with title such as C of O, Global C of O while some are awaiting title. Omo onile problem have been wiped off. For more information, site visitation and to pick up your own plots call Abayomi on 08179517872 or 08065415971. EVERY OTHER ASSETS DEPRECIATE, WHILE LAND APPRECIATE. INVEST WISELY TODAY TO APPRECIATE YOUR DECISION TOMORROW

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