Skip to main content

Tech: IPMAN urges financial institutions to invest in modular refineries

Port Harcourt Refinery.

Alhaji Debo Ahmed, Chairman, Western Zone of IPMAN, made the call in an interview with the News Agency of Nigeria (NAN) in Lagos on Wednesday against the background of shortage on importation on petroleum products.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has appealed to the Federal Government to engage banks in financing the building of modular refineries in the country.

Alhaji Debo Ahmed, Chairman, Western Zone of IPMAN, made the call in an interview with the News Agency of Nigeria (NAN) in Lagos on Wednesday against the background of shortage on importation on petroleum products.

Ahmed said that investing in modular refineries would address refining challenges in the country, adding that government should review its policy on refined products to encourage investors into the sector.

According to him, building a modular refinery is not easy, apart from citing refinery beside the sea; one can as well cite it near a marginal oil field.

“Finance is the major reason why most investors in the modular refineries abandoned it.

“No bank is ready to give loan to any investor in modular refineries; that was why it was just only two out of 40 investors given licences that were able to build it.

“Government should engage the banks to provide the finance needed for building modular refineries,’’ he said.
The IPMAN boss also urged the government to overhaul the sector to encourage private investors, stressing that it is obvious that finance was the problem of building modular refineries.

He said that there was need for government to work with the licence owners to address the issue of sourcing for finance from the banks to build the refineries.

Ahmed said that financing modular refineries by banks would go a long way to address petroleum products challenges in most depots in the country.

He said that currently the five depots within the South West, comprising Ejigbo, Mosinmi, Ore, Ilorin and Ibadan, hardly got 30 trucks of petrol for IPMAN members.

“Modular refineries should be encouraged and supported in Nigeria because NNPC had no capacity to meet the nation’s total petrol demand.

“NNPC being the sole importer and distributor of petrol is not good for the nation’s economy because many marketers were deprived of importing due to inability to access foreign exchange,” according to Ahmed.

He said that fuel scarcity would only abate if the NNPC could massively import petrol and distribute with IPMAN, Major Oil Marketers Association of Nigeria and the NNPC to all retail outlets or the corporation’s mega stations.

He suggested that 60 per cent should be allocated to IPMAN; MOMAN 20 per cent; and the remaining 20 per cent to the NNPC (mega stations).

“The fuel scarcity will definitely continue; there is no product in the system. NNPC has no capacity to do the job they are doing now; that is importing sufficient petroleum products.

“Because of subsidy, they disallowed marketers from importing and as such the importation cannot meet the demand,” he said.

ridoola.blogspot.com.ng

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Okpebholo suspends A-G & LG Chair under 3 months over finance dealings

The Edo Government has announced the suspension of Samson Osagie , its Attorney-General and Commissioner for Justice, and Damian Lawani , chairman of the Local Government Service Commission. Mr Musa Ikhilor , Secretary to the State Government (SSG) announced the suspension in a statement in Benin on Thursday morning. ALSO READ: Kano Govt suspend 2 school principals for alleged absenteeism, negligence Ikhilor said the two-state top officials were suspended over allegations of “grave official and financial interactions”. Okpebholo suspends Edo Attorney-General and LG Service Commission Chairman According to him, the suspension, which takes immediate effect, is pending the conclusion of an investigation into the allegations. The SSG said; It is hereby announced for the information of the general public that Gov. Monday Okpebholo has approved the suspension from office of the Chairman of Edo Local Government Service Commission, Damian Lawani and Commissioner for Justice, Samson Os...
Post a Comment
Read more

List of America's one-term presidents & why they were not re-elected

U.S. President Joe Biden becomes the most recent entrant in a list of president who served for only one term. U.S. President Joe Biden announced that he would not be seeking re-election for a second term in the November 5, 2024 elections. Biden, in a statement said that he would be focused on completing his remaining term, endorsing his Vice President Kamala Harris as his most preferred nominee for the Democratic Party to take on former President Donald Trump. Joe Biden endorses Kamala Harris as Democrats' candidate after withdrawing from race [X:@JoeBiden] Biden now joins a list of former U.S. Presidents that only served for one term. John Adams (1797-1801) The second president of the United States, John Adams was a Founding Father who faced significant challenges during his presidency, including conflicts with political adversaries and foreign nations. His support for the Alien and Sedition Acts, perceived as a violation of civil liberties, contributed to his unpopulari...
Post a Comment
Read more

Tinubu appoints MKO Abiola's son, Jamiu as SSA on Linguistics & Foreign Matters

President Bola Tinubu has appointed Jamiu Abiola as the Senior Special Assistant to the President on Linguistics and Foreign Matters. The appointee is one of the children of the late Chief Moshood Kolawole Abiola , the winner of the 1993 presidential election annulled by General Ibrahim Babangida . According to a statement by Segun Imohiosen , the Director of Information and Public Relations, Office of the Secretary to the Government of the Federation on Wednesday, November 27, 2024, Jamiu's appointment took effect from November 14, 2024. Imohiosen said the appointment aligns with the provisions of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008, as amended. Until his recent deployment, the appointee served as the Special Assistant to the President of Special Duties in the office of the Vice President. Tinubu tasked Jamiu to work closely with the Federal Ministry of Foreign Affairs and bring his wealth of experience to bear in his new ...
Post a Comment
Read more