Business

How we will improve the Petroleum industry in 2017 – Ibe Kachikwu reveals

Published

8 years ago

January 11, 2017

The Minister of State for Petroleum, Ibe Kachikwu, says the federal government will pass the Petroleum Industry Bill and revamp the nation’s refineries in 2017.

Mr. Kachikwu who made this known while highlighting the plans of the petroleum ministry for 2017, disclosed that government will dissect the nation’s oil and gas policies for optimum productivity.

He also assured that the ministry will accelerate revenue generation by looking into areas the government could make more money, stressing that the plan will enable it support the 2017 financing.

The minister said that apart from completing all outstanding Memoranda of Understanding, MOU, the government will leverage on the relationship the president has built over time to relate with foreign investors.

Mr. Kachikwu said in addition to trips to the United States and China, he will also embark on a roadshow to the gulf so that the Nigeria will cease to be a forgotten state and become an active participation block where investment can flow into.

“We are going to receive and complete all the MOUs that we began… the one in China…the one in India… we are going to do a roadshow to the UK…for Europe. We are going to do a roadshow to the U.S. with President Donald Trump coming in,” Mr. Kachikwu said.

While commenting on the activities embarked upon in the outgone year, Mr. Kachikwu explained that the government was able to take away fraud impacted volume by reducing the volume of PMS the nation consumes daily from N50 million litres to N28 million litres.

He assured Nigerians that the nation’s oil industry will be run transparently, as against the opaque manner it was run in the past.

Mr. Kachikwu also confirmed that oil blocks will also be allocated in 2017, to partly fund the budget.

Oil refineries

Commenting on the state of the nation’s oil refineries, the minister said the president has given him a matching order to commence refinery revamp. He reiterated the government’s plan to diversify the refining process so that the refineries can work optimally, noting that the process will begin this year.

Mr. Kachikwu also said that the government will work within liberalisation infrastructure such that it will take away the low hanging difficulties in the industry.

“We will focus on downstream issues. Although we have liberalised, there are still some challenges. The reality is that the marketers are still suffering,” he said.

Niger Delta

The minister also pledged to look into security concerns in the Niger Delta region, stressing that government will ensure that the peace efforts put in place are maintained and improved upon.

“We are going to focus on the Niger Delta. It’s been too long a lingering issue. We are going to work with every aspect of the presidency to try and find solutions to this. We are going to work to stabilise oil production… a lot of work is required.”

Mr. Kachikwu also assured industry players that government will develop agreement and opportunities on international oil companies, IOCs, and partners for better collaboration through engaging policies that will bring investment into the country. He said the ministry will run an oil industry that is at par with its counterparts worldwide; adding that efforts will be strengthened on investor relations.

On oil production, the minister said government will begin for the first time to track oil movement from production to destination, noting that there are too many leakages in the oil production chain in Nigeria.

“This year we are going to commit to trying to find a way of tracking our oil so that from the moment when molecule is produced, to the time when it is sold and where it is sold, we will be able to track that. If we do that, we envisage billions of dollars in savings from the federal government.”

Private sector driven industry

While highlighting the challenges associated with public sector driven system, Mr. Kachikwu pledged to ensure that the industry is driven by private hands in 2017. He said that the industry has always been public sector-led and there have been problems.

He also promised to create a “private sector industry player club” to chart 2017 goals and mark out delivery system.

“Public sector is key to be able to regulate the sector and make sure people are operating within parameters; but ultimately, the infrastructure, investment, services and discipline have to be private sector led.

“We will galvanise the energy of the private sector within the first two months,” he said.

Gas revolution

According to the minister, gas revolution will form a key aspect of the government’s policy for the year and it would boost government revenue.

“Gas revolution will be key. First, we are going to track gas flare and commercialise it so that no more flare happen in this country. We have set a 2020 date for ourselves even though the international fora at the UN had set a 2030 date. We are very aggressive about this, we want to make money from flare,” he said.

Mr. Kachikwu also promised that the government will look at the gas infrastructure that are suffering, complete the investment and get gas in every part of the country because it is key to power delivery.

The minister said the nation has four times volume of gas than oil, adding that even though oil has contributed immensely to the nation’s growth, gas is the future. He explained that gas will provide power, clean energy, and day-to-day burning of fuel at homes.

“For so long we have pretended to be an oil producing nation and yes we were; but Nigeria really is a gas nation with a lot of substantial gift of oil.”

Stakeholders’ relations

The minister promised to give priority to stakeholders’ relation in the year, noting that periodicals will be published to highlight activities embarked upon towards achieving the industry’s goals.

He explained that the efforts will begin with a road show with state governments, adding that oil producing states will be brought together to look at long term dynamic investments areas across the states as well as how they engage companies in their states.

“This year we are going to be open, we are going to be as much the manager of the oil resource as I am going to be. We are going to owe the responsibility to the Nigerian nation to deliver on those blueprints that we have set ourselves to deliver.”

Business

Petrol: MRS Slashes Petrol Price to N935/Litre Nationwide, Enforces compliance

Published

2 hours ago

December 23, 2024

Sahara Weekly

General Buratai Urges Dangote Not To Succumb To Marketers Blackmail, Reveals Why

Petrol: MRS Slashes Petrol Price to N935/Litre Nationwide, Enforces compliance

… Nigerians praise Dangote-MRS partnership

MRS Oil Nigeria Plc, a prominent player in the Nigerian downstream oil industry, has implemented a new petrol price of N935 per litre across all its retail service stations nationwide. This follows an announcement by the President of Dangote Industries Limited, Aliko Dangote, that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, following a reduction in the ex-depot price from N970 to N899.50 per litre.

In response, MRS Oil Nigeria Plc has instructed all its outlets to implement the new price immediately, setting up a digital platform and monitoring team to ensure full compliance. The company has also called on Nigerians to report any outlets that fail to adhere to the new price structure.

“Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: [email protected],” the company stated in a release.

Emphasising the eco-friendly nature of its products, MRS Oil added, *“We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians.”*

Checks by our correspondents yesterday confirmed that the new price had been implemented at all MRS Oil and Gas retail outlets nationwide.

In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol. Many expressed their gratitude to Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.

Mrs. Ibukun Phillips, a commuter at the MRS station at Alapere on the Lagos Ibadan Express way, could not hide her joy as her husband filled up their car.

“I am very happy today. This is a victory for Nigeria,” she said. “The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate. My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy.”

Commercial bus driver Adio Ajibade described the price reduction as a great relief, especially during the festive season.

“The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Alhaji Aliko Dangote,” he said.

A public affairs analyst and university lecturer, Dr. Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.

According to Dr. Akanni, “this move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”

Business

FIRS ANNOUNCES AN ONGOING RECRUITMENT

Published

5 hours ago

December 23, 2024

Sahara Weekly

FIRS ANNOUNCES AN ONGOING RECRUITMENT.

The Federal Inland Revenue Service (FIRS) has rolled out an exciting opportunity for experienced professionals to join its team.

In a public notice via its X handle, the agency announced job openings for positions like Assistant Manager, Deputy Manager, and Assistant Director in fields such as Tax, Public Relations, Legal, ICT, and Risk Management.

Interested candidates are encouraged to review the eligibility criteria and apply via the official portal at careers.firs.gov.ng before January 11, 2025. This recruitment drive is aimed at bolstering public service efforts and maximizing national development.

Business

UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

Published

23 hours ago

December 22, 2024

Sahara Weekly

UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

The newly renovated departure section of the Murtala Muhammed International Airport, Lagos, refurbished by United Bank for Africa (UBA) Plc, was officially commissioned on Friday, December 20th, 2024.

The laudable project, which marks a transformative moment in Nigeria’s aviation sector, underscores UBA’s unwavering commitment to national development and highlights the immense value of strategic public-private partnerships (PPPs).

The ceremony was graced by distinguished stakeholders, including the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku; other Directors, and Heads of Agencies operating at the Airport.

Speaking at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba,lauded the collaboration that brought the project to fruition as he emphasised the need for public and private institutions to come together to build and revamp the nation’s assets.

“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he stated.

Alawuba took time to highlight the broader economic impact of such initiatives, urging increased private-sector participation in national development. “Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy,” he added.

Alawuba reflected on the power of unity and collaboration, quoting Helen Keller: “Alone we can do so little; together we can do so much.” The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”

While commissioning the project, Keyamo commended UBA for executing the project, a feat he termed a landmark achievement in Nigeria’s aviation sector. “This renovated departure section exemplifies the bank’s commitment to elevating aviation infrastructure, improving passenger experiences, and fostering international partnerships. It is a proud moment for the ministry and all stakeholders involved, and I thank the management of UBA for pioneering this initiative,” he remarked.

The minister highlighted other key achievements of his ministry, including compliance with the Cape Town Convention, the launch of a consumer protection portal, and advancements in major infrastructure projects such as the second runway at Abuja Airport and solar energy integration in airport operations.

The Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, commended UBA and other stakeholders for their contributions, adding, “This project reflects FAAN’s dedication to delivering world-class aviation infrastructure. The enhanced departure section not only elevates passenger experiences but also strengthens Nigeria’s competitive position in global aviation,” she said.

She called for more private-sector participation, emphasising that “partnerships like these are essential to transforming the aviation sector into a beacon of excellence.”

The newly renovated departure section boasts cutting-edge facilities designed to enhance efficiency and passenger comfort. This upgrade reaffirms the Murtala Muhammed International Airport’s status as a critical gateway to Nigeria and a major hub for international travel in Africa.

United Bank for Africa is Africa’s Global Bank. Operating across twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.