Nigeria Sovereign Investment Authority, NSIA, is to
massively invest in refineries to end products importation.....
Managing Director,
Mr Uche Orji, disclosed this while presenting the organizations 2017 Audited
Financial Results, in Abuja, weekend. refinery He said his team spent the whole
of last week in talks with officials of Nigerian National Petroleum
Corporation, NNPC, in this regard. Orji also disclosed that NSIA had already
concluded discussions with International Oil Companies, IOCs, operating in the
country, to ensure adequate crude supply to modular refineries, which would
play a significant role in the initiative. He said: “Every single day in this
last week, I have been at NNPC. There are all kinds of conversations going on.
I will say the following three things. The first is we are actually interested
in refineries. “One of the things we have spoken about publicly and work has
gone on extensively is the modular refineries. Modular refineries that will
make kerosene cuts, diesel cuts and then put the remaining back into the export
blend for the country, and we just concluded a whole bunch of meetings with
most of the IOCs to make sure we can get crude to build out these modular
refineries. “Second, you have seen the announcements that have come out of the
NNPC in terms of going back to some people, including some of the original
people that built the refineries, to actually help revive them. The MD
announced that going forward, NSIA would shift most of its attention to
domestic direct investments, especially in infrastructure projects. No dividend
for now The MD said there would be no dividend for shareholders in the year
under review but was optimistic, however, that from the 2018 financial year, it
would be considered. “We did consider making dividend payments. The law says
that we should show profits consistently for five years after which we start
declaring dividends, and this is the fifth year of strict profitability. That
is another thing we need to manage when it comes to profitability to ensure
that these funds continue to show profits,’’ he said.
Nigeria Sovereign
Investment Authority, NSIA, is to massively invest in refineries to end
products importation.
Managing Director, Mr Uche Orji, disclosed this while presenting the
organisation’s 2017 Audited Financial Results, in Abuja, weekend.
refinery
He said his team spent the whole of last week in talks with officials of
Nigerian National Petroleum Corporation, NNPC, in this regard.
Orji also disclosed that NSIA had already concluded discussions with
International Oil Companies, IOCs, operating in the country, to ensure
adequate crude supply to modular refineries, which would play a
significant role in the initiative.
He said: “Every single day in this last week, I have been at NNPC. There
are all kinds of conversations going on. I will say the following three
things. The first is we are actually interested in refineries.
“One of the things we have spoken about publicly and work has gone on
extensively is the modular refineries. Modular refineries that will make
kerosene cuts, diesel cuts and then put the remaining back into the
export blend for the country, and we just concluded a whole bunch of
meetings with most of the IOCs to make sure we can get crude to build
out these modular refineries.
“Second, you have seen the announcements that have come out of the NNPC
in terms of going back to some people, including some of the original
people that built the refineries, to actually help revive them.
The MD announced that going forward, NSIA would shift most of its
attention to domestic direct investments, especially in infrastructure
projects.
No dividend for now
The MD said there would be no dividend for shareholders in the year
under review but was optimistic, however, that from the 2018 financial
year, it would be considered.
“We did consider making dividend payments. The law says that we should
show profits consistently for five years after which we start declaring
dividends, and this is the fifth year of strict profitability. That is
another thing we need to manage when it comes to profitability to ensure
that these funds continue to show profits,’’ he said.
Read more at: https://www.vanguardngr.com/2018/06/nsia-massively-invest-refineries-orji/
Read more at: https://www.vanguardngr.com/2018/06/nsia-massively-invest-refineries-orji/
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