Saturday, December 21, 2013

GEJ approves commencement of purchase of Nigeria's 4 refineries.

Nigeria's president Jonathan on Friday approved the commencement of the privatisation of the country's 4 refineries by Bureau of Public Enterprises [BPE].

In a statement introduced & signed on Friday by Chigbo Anichebe, Mind, Public Communications, BPE, said: In furtherance of the economic reform plan of his administration, President Goodluck Jonathan has approved the commencement of the privatization of the nation's four refineries by the Bureau of Public Enterprises (BPE). This is in keeping the Transformation Agenda, which seeks to catalyze and offer an allowing environment for the personal industry to function as individuals of economic development in the country.

The four refineries are:
1. Kaduna Refining & Petrochemical Company Limited (KRPC)
2. Warri Refining & Petrochemical Company Limited (WRPC)
3. Port Harcourt Refining Company Limited (PHRC) I ;
4. Port Harcourt Refining Company Limited (PHRC) II;

The Leader in addition has permitted the structure of a Steering Committee on the privatization procedure that requires all appropriate stakeholder ministries and agencies.

The Steering Committee which can be chaired by the Respectable Minister of Oil Methods has these customers:

1) Hon. Minister of Finance/CME – Member
2) Hon. Minister of Power – Member
3) Hon. Minister of Labour – Member
4) Hon. Minister of National Planning – Member
5) Hon. Minister of Mines and Steel Development – Member
6) Hon. Minister of Justice/AGF – Member
7) Chairman of the Extractive Sub Committee of the NCP – Member
8) SA to the Vice President on Economy – Member
9) Group Managing Director of NNPC – Member
10) Director General of BPE – Member
11) Group Executive Director (Refineries), NNPC – Member
12) MDs of Refineries Scheduled for Privatization – Members
13) Director (Oil and Gas), BPE – Secretary

The Steering Committee’s Terms of Reference will include among others the following:

(1) Advise the National Council on Privatisation (NCP) on the best way to privatize the refineries in a manner that would enhance the gains of the privatization programme of the FGN;

(2) Review the diagnostic reports and recommendations of the transaction advisors and make recommendations to the NCP;

(3) Propose modalities and make recommendations to NCP on labour matters to ensure the successful privatization of the refineries;

(4) Generally oversee the process and make recommendations to NCP for the successful privatization of the refineries; and

(5) Carry out any other ancillary activities relevant to the attainment of the goals of the Federal Government in the reforms and privatization of the nation’s refineries.

Based on the Director General of the BPE, Benjamin Dikki, “the directives we've would be to conduct the privatization process transparently, complying with due process and international best practice. We're expected to enhance on the high standards emerge the power sector transaction, which includes received accolades throughout the world to be very transparent.”

He added that further details on the transaction structure and time table will undoubtedly be announced after the meeting of the Steering Committee.

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