"It's a Promise": Minister of Petroleum Says PH Refinery to Be Ready December, Marketers Speak on Import Plans
- The Minister of Petroleum Resources, Heineken Lokpobiri, has stated that the Port Harcourt refinery will be ready by December
- He also said that the other three refineries in Kaduna and Warri will start pumping petrol early or at the end of next year
- The development follows a disclosure by IPMAN that marketers have halted further petrol imports
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The Minister of Petroleum Resources, Heineken Lokpobiri, revealed on Friday, August 25, 2023, that the four refineries will be ready before the end of the year.
He said the Port Harcourt Refinery will start pumping products by December 2023.
Source: UGC
Port Harcourt refinery 'almost completed'.
The government had announced that the Port Harcourt Refinery will commence processing oil by the end of 2o22.
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However, the Nigerian National Petroleum Company Limited (NNPC) officials and other petroleum ministers launched futile efforts to remodel, enlarge and restart the refineries.
Lokpobiri, sworn in last week as Nigeria's Petroleum Minister, said during a visit to the Port Harcourt refinery that the facility is ready to start pumping refined petroleum products.
The Minister said that the two other facilities in Warri and Kaduna will start processing crude oil between Q1 and the end of 2024.
Kadun and Warri refineries to be ready next year
Lokpobiri said:
"From what we have seen here today, Port Harcourt refinery will come on board by the end of the year," he said.
"We aim to ensure Nigeria stops importing fuel in the next few years."
Due to a lack of capacity and poor maintenance, Africa's biggest oil producer imports almost all of its refined petroleum needs.
Reports say the Kaduna refinery and the other three facilities in Niger Delta, and the Warri refinery are among the four state-owned languishing facilities that used to produce 4 450,000 barrels per day.
The Port Harcourt refinery is undergoing a $1.5 billion Turn Around Maintenance following an award of contract to an Italian firm, Tecnimont.
Per estimates, the renovation will last 44 months.
Nigerians now hope on the ongoing 650,000 barrels per day capacity at Dangote Refinery.
Marketers are yet to begin petrol imports
During a telephone chat with Legit.ng, the Independent Petroleum Markers Association of Nigeria (IPMA) Chairman, Chinedu Okoronkwo, said that marketers have yet to start importing petrol.
Okoronkwo said that marketers hope on the recently secured $3 billion AfrexmBank loan by NNPC to kick-start importation as exchange rates in Nigeria go haywire.
He revealed that there are no immediate plans to increase the price of petrol following a directive by President Bola Tinubu to halt further price increases.
"N657/Litre": Oil Marketers Speak on New Subsidy, NNPC $3bn Loan as Dangote sets refinery's new production date
Legit.ng reported that Following the directive by President Bola Tinubu to halt further increase in petrol prices, speculations are rife that the federal government may have secretly reintroduced subsidy.
Media reports quoting presidency sources had alleged that the government was working on a temporary subsidy to cushion the pains of increasing petrol prices.
Following the directive by President Bola Tinubu to halt further increase in petrol prices, speculations are rife that the federal government may have secretly reintroduced subsidy.
Source: Legit.ng
