The Port Harcourt Refining Firm (PHRC) Ltd in Rivers State has formally commenced crude oil processing, marking a big growth in Nigeria’s vitality sector.
This was disclosed by the Chief Company Communications Officer of the Nigerian Nationwide Petroleum Firm Restricted (NNPCL), Femi Soneye.
“At present marks a monumental achievement for Nigeria because the Port Harcourt Refinery formally commences crude oil processing. This groundbreaking milestone signifies a brand new period of vitality independence and financial development for our nation,” Soneye introduced on Tuesday.
He additional counseled President Bola Ahmed Tinubu, the NNPC Board, and the management of Group Chief Government Officer Mele Kyari for his or her dedication to the mission. “Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the distinctive management of GCEO Mele Kyari for his or her unwavering dedication to this transformative mission. Collectively, we’re reshaping Nigeria’s vitality future!”
Soneye additionally revealed that truck loading of petroleum merchandise would start on Tuesday, including that efforts are underway to revive the Warri Refinery. “NNPCL is working tirelessly to convey the Warri Refinery again on-line quickly,” he said.
This achievement follows a sequence of missed deadlines for the refinery’s rehabilitation. The Minister of State for Petroleum Sources (Oil), Senator Heineken Lokpobiri, had initially promised that the refinery would start manufacturing in September 2023, a deadline later shifted to December. Subsequently, in March 2024, NNPCL’s Group Managing Director, Mele Kyari, projected an April graduation.
Throughout an inspection in August, Kyari emphasised the significance of boosting Nigeria’s refining capability. “We’re centered on delivering this rehabilitation mission, our two different refineries, and all different investments in the direction of revamping the nation’s refining capability,” he mentioned. “We’re hopeful that in 2024, this nation will likely be a internet exporter of petroleum merchandise.”
The Federal Authorities had permitted $1.5 billion for the refinery’s rehabilitation in 2021, aiming to revive one among Nigeria’s largest refineries, which has been non-operational since 2019.
Regardless of being a number one crude oil producer, Nigeria has lengthy relied on imported petroleum merchandise on account of insufficient native refining. This reliance has led to crude-for-petrol swaps and expensive gas subsidies, draining the nation’s international trade reserves.
In September 2024, the Dangote refinery commenced petrol manufacturing, following earlier bulletins about its operations. “Dangote Petroleum Refinery has commenced manufacturing of diesel and aviation gas,” the group said.
With the Port Harcourt Refinery now operational and the Dangote Refinery already producing, Nigerians anticipate reduction from the excessive gas prices triggered by the removing of subsidies, which noticed costs soar from about N200 to over N1,000 per litre.
