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FG adopts $11bn Dangote refinery under new petroleum policy Read more at: http://www.vanguardngr.com/2017/07/fg-adopts-11bn-dangote-refinery-new-petroleum-policy/

The Federal Government has adopted the $11billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petroleum products and conserve foreign exchange for other developmental projects. Consequently, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, will today, lead a strong government delegation to inspect the progress of work at the 650,000 plant expected to come on stream in 2019.

Investigations showed that the visit would enable the government know the status of the project, understand problems as well as assist to eliminate hurdles that could delay or scuttle the completion and operation of the plant. It showed that various segments of the project have either been completed or ongoing at the Lagos-based site. The Technical Consultant to the President/CEO on Refinery & Petrochemical Projects, Dangote Industries Limited, Mr. Babajide Soyode, disclosed that the project was progressing according to plan, adding that the sand filling had been completed while piling was ongoing at site. Soyode disclosed that the ongoing construction of jetty would need to be completed to enhance operations of the plant. Meanwhile, in the new policy made available to Vanguard, the government indicated that the previous petroleum policy encouraged rent seeking through a crude oil export for cash business. It is the only OPEC country without effective oil refining capacity. It stated that investments in mid-stream infrastructure (storage, terminals, transportation and processing) have lagged behind upstream investments. The policy disclosed that even the upstream crude oil export business has suffered because of insecurity. It stated that Nigerian production has not risen in line with its potential or  peers in the Middle East or Africa. The policy disclosed that the petroleum sector has been dominated by state ownership and dominant market power in the upstream and mid-stream, thus constraining increased involvement of the private sector. It stated that there are fiscal disincentives to new participants; a lack of regulatory rigour and absence of governance in cost efficiency. The policy noted that as a result, state control and rent seeking by government has limited the growth of self-sustaining industries. “Despite having large energy resources, Nigeria has become energy insecure exhibiting multiple dependencies on crude oil exports; product imports; and hydrocarbon based electric power industry. The oil world has now changed fundamentally and the old policy is no longer relevant to Nigeria’s future. ‘’Oil price has crashed and is forecast by the Petroleum Policy Team to remain at a median $45/bbl real for the foreseeable future. Production around the world remains high, combined with large inventories in storage and even in tankers around the world. The reality is that the world is awash with oil. “There are forecasts that the world is now starting to enter a post-­ oil period. Oil demand growth is expected to be slower in the future than it has been in the past, and within the next twenty years, demand for oil may show absolute declines. ‘’The future for oil producers lies in value added refining and petrochemicals. The intention of this Petroleum Policy is to move Nigeria away from crude oil exports into value added activities in oil, namely refining and petrochemical industries; expanding from oil into gas based industrialisation.’’ “The longterm vision of the Nigerian petroleum policy is to become a nation where hydrocarbons are used as a fuel for national economic growth and not simply as a source of income. ‘’Moving the Nigerian economy away from the current situation where crude oil is exported and no further uses are made of the hydrocarbon opportunities; Oil is not simply exported but is refined and further processed within Nigeria; Nigeria becomes a regional and international centre for crude oil refining; A vision of a diversified industrial nation where Nigeria has significant petro-­  chemical and other petroleum based industries; Diversifying the petroleum resource base within Nigeria, to ensure security of supply; Operate a petroleum industry with a clear division of roles between the private and public sectors.”  

Read more at: http://www.vanguardngr.com/2017/07/fg-adopts-11bn-dangote-refinery-new-petroleum-policy/

Neymar: Barcelona consider reporting PSG over 222m euros deal

Barcelona expect Neymar to return to training on Wednesday, but are ready to push for a Financial Fair Play investigation if Paris St-Germain pay the 222m euros (£198m) release clause for the Brazil forward.

The 25-year-old continues to be linked with a move to the Ligue 1 club and is due to return from China on Tuesday.

Reports said the player was due in Qatar this week for a PSG medical.

Barca chief Josep Maria Bartomeu said last week that Neymar would be staying.

His comments came after reports that PSG had triggered the release clause, which would be a world record fee for a player.

Should that sum be offered, the 24-time Spanish champions will ask Uefa to consider whether the French club would be in breach of FFP regulations.

In an interview with Mundo Deportivo at the weekend, La Liga president Javier Tebas threatened a legal response against the former French champions if European football's governing body failed to take action. He also said that PSG president Nasser Al-Khelaifi had been made aware of the Spanish league's intentions.

"We will [make a complaint about PSG] because they infringe Uefa's Financial Fair Play rules and also the European Union's competition rules," he said.

"We will make a complaint to Uefa and if they don't do anything we will take it to the competition tribunals in Switzerland and Brussels. And, from there, we don't rule out going through the courts in France and Spain."

He added: "Two months ago I met the president of PSG at La Liga's offices and I told him what we were going to do and the reasons why.

"He was angry with me and said that he did not understand. We have a relationship [through Qatar sports channel BeIn] for Spanish football, but La Liga must defend our clubs in these situations."

Uefa: 'Neymar purchase would affect PSG finances'

European football's governing body says it has yet to receive a complaint, adding that it would look into details of a transfer, regardless, to ensure it respected FFP guidelines.

In a statement to the BBC, it said: "We are not in a position to stop clubs from buying players, but the clubs will face sanctions if they fail to abide by Financial Fair Play rules.

"The impact of a potential transfer of Neymar to PSG would have an effect on the club finances over several years.

"It is very difficult to judge this type of operation in advance as we do not know the plans of the French club. They could well sell a few players for a similar or even superior amount. Sanctions would be applied if the club has demonstrated that they have losses of over 30m euros (£26.81m) over three years."

Any future punishment for PSG could range from a fine to exclusion from competition.

However, Uefa did state that in "numerous cases" the objectives of FFP can be best achieved with a "rehabilitative approach rather than a punitive approach".

The FFP rules, first implemented during the 2011-12 season, stipulate that European clubs cannot spend more than they earned.

PSG, supported by a Qatar fund, were punished in 2014 for breach of FFP. Their £167m commercial contract with the Qatar Tourism Authority was deemed to have an unfair value by Uefa's independent investigation panel.

They were given a £20m fine, their spending was capped to £49m and they competed in the 2014-15 Champions League with just 21 players instead of the usual 25.

Current FFP regulations - updated in June 2015 - state that owners can inject cash into a club as long as they can demonstrate how they will reach break-even. And a club will also have to ensure that their losses do not exceed 30m euros (£26.81m) over three seasons.

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