The Nigerian Senate has raised concerns over the 1.5 billion US Dollars approved in 2021 for the turn-around maintenance of the Port Harcourt Refinery. This is even as the refinery has redundant after the approval.
The Chairman of the Senate Ad Hoc Committee, Senator Opeyemi Bamidele, raised the alarm. The Committee had been mandated to Investigate the Alleged Economic Sabotage in the Nigerian Petroleum Industry.
However, after the investigation, the Committee Chairman raised the concern.
He disclosed this during an interactive session with stakeholders on Wednesday, in Abuja.
Bamidele, who is also the Senate Leader, described the development as unfair. He said “It was unfair and wrong to treat public companies shabbily while private businesses were flourishing and thriving.
He recalled that the Federal Executive Council (FEC) had approved the plan by the Ministry of Petroleum Resources to rehabilitate and turn around the Port Harcourt Refinery with 1.5 billion dollars.
Bamidele therefore, expressed concerns about the dysfunctional state of government-owned refineries. This is in spite of billions of US Dollars spent on Turn Around Maintenance, TAM.
He said, “The federation is undergoing a truly challenging period. The distribution and supply of refined petroleum products have been irregular and problematic in the recent history of our fatherland.
“The long queues at filling stations are obviously a testament to this challenge.
“A situation whereby we now depend almost entirely on the importation of these products even when we daily supply the global oil market about two per cent of its crude oil requirements is worrisome.”
Bamidele also frowned at the importation of hazardous petroleum products and dumping of substandard diesel into the country.
The Committee Chairman observed that the Federal Government under different administrations since 1999, “has invested billions of US Dollars to maintain and turn around the state-owned refineries in Kaduna, Port Harcourt and Warri. But regretted that the refineries are not functioning.
source: Daily Post
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