{"id":39653,"date":"2021-03-23T18:07:35","date_gmt":"2021-03-23T18:07:35","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/?p=39653"},"modified":"2021-03-23T16:08:46","modified_gmt":"2021-03-23T16:08:46","slug":"nigeria-doesnt-have-money-to-build-new-refineries-nnpc-md-kyari","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-doesnt-have-money-to-build-new-refineries-nnpc-md-kyari","title":{"rendered":"Nigeria doesn\u2019t have money to build new refineries \u2013 NNPC MD Kyari"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>The Nigerian National Petroleum Corporation (NNPC) has said that the country does not have the financial capability to build new refineries.<\/p>\n

On Monday, Mele Kyari, NNPC Group Managing Director, cited the economic situation of the country.<\/p>\n

Kyari spoke to reporters on the controversy generated by the proposed rehabilitation of the Port Harcourt refinery.<\/p>\n

He explained that a new refinery would cost about $10billion, while the planned renovation would gulp $1.5billion.<\/p>\n

The MD said if the government decides to construct a new facility, petroleum products, especially Premium Motor Spirit (PMS) will be imported for another four years.<\/p>\n

\u201cA new refinery will take four years to commence production. It is around $7billion and $12billion dollars to construct a refinery of this nature,\u201d he said.<\/p>\n

Kyari stated that estimates in public space are inaccurate and do not take other factors into account.<\/p>\n

The NNPC chief mentioned \u201can additional 25 per cent cost for construction battle-limits\u201d to the 7-12 billion dollars.<\/p>\n

\u201cYou cannot build a refinery at any cost below these amounts. The option you have is to scrap and build a new one; we all know that we don\u2019t have that resource,\u201d he stated.<\/p>\n

Kyari added that the last turnaround maintenance of the Port Harcourt refinery was done two decades ago.<\/p>\n

He linked the current high cost of rehabilitation to poor maintenance of the plant over the years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Nigerian National Petroleum Corporation (NNPC) has said that the country does not have the financial capability to build new refineries. On Monday, Mele Kyari, NNPC Group Managing Director, cited the economic situation of the country. Kyari spoke to reporters on the controversy generated by the proposed rehabilitation of the Port Harcourt […]<\/p>\n","protected":false},"author":84,"featured_media":39652,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,2140,1127,254,434],"class_list":["post-39653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-kyari","tag-nigeria","tag-nnpc"],"yoast_head":"\nNigeria doesn\u2019t have money to build new refineries \u2013 NNPC MD Kyari - Nigeria<\/title>\n<meta name=\"description\" content=\"The Nigerian National Petroleum Corporation (NNPC) has said that the country does not have the financial capability to b ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-doesnt-have-money-to-build-new-refineries-nnpc-md-kyari\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria doesn\u2019t have money to build new refineries \u2013 NNPC MD Kyari\" \/>\n<meta property=\"og:description\" content=\"The Nigerian National Petroleum Corporation (NNPC) has said that the country does not have the financial capability to b ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-doesnt-have-money-to-build-new-refineries-nnpc-md-kyari\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-23T18:07:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/03\/img-605a1270e1286.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-doesnt-have-money-to-build-new-refineries-nnpc-md-kyari#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-doesnt-have-money-to-build-new-refineries-nnpc-md-kyari\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Nigeria doesn\u2019t have money to build new refineries \u2013 NNPC MD Kyari\",\"datePublished\":\"2021-03-23T18:07:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-doesnt-have-money-to-build-new-refineries-nnpc-md-kyari\"},\"wordCount\":240,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-doesnt-have-money-to-build-new-refineries-nnpc-md-kyari#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2021\/03\/img-605a1270e1286.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"Kyari\",\"Nigeria\",\"NNPC\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-doesnt-have-money-to-build-new-refineries-nnpc-md-kyari#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-doesnt-have-money-to-build-new-refineries-nnpc-md-kyari\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigeria-doesnt-have-money-to-build-new-refineries-nnpc-md-kyari\",\"name\":\"Nigeria doesn\u2019t have money to build new refineries \u2013 NNPC MD Kyari - 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