After Dangote, Another Refinery Gets Ready To Begin Fuel Production, Undergoes Licensing

• The Port Harcourt Refining Company is undergoing licensing after completing mechanical work
• Senior officials said it has already received over 450,000 barrels of crude oil for production to begin
• The delay in operations has been a concern for Nigerians, but the Minister of State for Petroleum Resources believes there is no need to worry

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Port Harcourt Refining Company is getting closer to beginning operations and starting production like the Dangote Refinery.

Senior officials from the Federal Ministry of Petroleum Resources and the Nigerian National Petroleum Company Limited disclosed that the refinery is undergoing crucial licensing procedures.

Punch Newspaper quoted a senior ministry official who confirmed the supply of crude oil to the plant.

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The official said:

"The mechanical work at the Port Harcourt refinery has been completed, and crude oil has been successfully delivered to the plant.

"Currently, we are awaiting various licensing processes, which are being conducted with meticulous attention"

PH refinery to be fully operational

Legit.ng had reported that in March this year, Mele Kyari, Group Chief Executive Officer of NNPC, announced that the refinery had received 450,000 barrels of crude oil, anticipating operational commencement in April.

This date was missed, and Kyari explained:

"We completed the mechanical phase of the refinery as scheduled in December. Now, regulatory compliance and testing processes are underway, ensuring that all systems are operational and safe before full production begins."

Also, Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri, recently said that the refinery is nearing its final stages of rehabilitation.

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He defended the rehabilitation progress during a recent press conference, drawing parallels with the Dangote Petroleum Refinery's timeline.

He noted that substantial efforts are required post-mechanical completion before refineries can commence refined product output.

Lokpobiri said:

"The comparison with the Dangote refinery is apt. It took significant time for it to begin releasing products after its commissioning.

"Similarly, the Port Harcourt refinery is in its final stages of rehabilitation. We are optimistic that it will soon contribute to the national supply of refined products."

Dangote confirms petrol sales in August

Earlier, Legit.ng reported that Dangote, in a chat with journalists, confirmed that petrol production has already begun.

The billionaire also revealed that petrol sales to marketers will commence in August 2024.

There is an expectation that the refinery will help reduce petrol prices from the current rate of over N700.

Source: Legit.ng