Obasanjo explains why Dangote's $750 million offer to run Nigeria's refineries was turned down.
"I called the head of Shell to come and tell me what the problem was and he gave me four or five reasons." He told me, first of all, that they had a significant profit upstream, not downstream. He said they turned uphill just to keep their heads above water. Second, our refineries were very small: 60,000 barrels, 100,000 barrels, and I believe 120,000 barrels. He said at that time the average refinery was operating with 250,000 barrels. punchng.com/comment-dangotes-7
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