After Dangote, Another Nigerian Refinery Set Date to Begin Selling Fuel to Marketers
- Members of the Independent Marketers Association of Nigeria (IPMAN) have expressed hope that the Port Harcourt refinery will commence operations soon
- The marketers visited the refinery on Wednesday, April 17, 2024, where staff at the facility said that mechanical work had been completed at the facility
- This comes as the Dangote refinery began selling diesel to marketers recently
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Oil marketers have visited the Port Harcourt Refinery Company in Rivers State and expressed hope that the facility may start releasing refined petroleum products this month.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) members said the facility’s rehabilitation has been mainly completed.
Source: UGC
Marketers set date for Port Harcourt refinery to work
The IPMAN members said the plant will be ready this month, as earlier speculated by Mele Kyari, the Group CEO of the Nigerian National Petroleum Company Limited (NNPCL).
On March 15, 2024, the NNPCL boss said the refinery would commence operations in two weeks.
NNPCL official said on Wednesday, April 17, 2024, that the facility's critical safety and regulatory compliance tests were ongoing.
Punch reports that marketers said the plant would begin releasing products very soon, as per their visit to the facility and information from staff at the refinery.
Kyari had revealed at a hearing that mechanical works had been completed on the refineries in Port Harcourt, Warri and Kaduna, stating that the Kaduna refinery would commence operations in December.
NNPC completes mechanical work at the refinery
He said:
“We are serving this country with honour and dignity. We will ensure that our promises to rehabilitate these refineries are fulfilled.
Refinery to produce 10 million litres of petrol daily
The NNPCL boss stated that the plant's first phase had been completed and would start refining 60,000 barrels of crude oil after the Christmas period last year.
A barrel of crude oil can process about 170 litres of refined petroleum products, implying that the 60,000 barrels of crude oil from the refinery can provide about 10.2 million litres of petrol and other refined products.
The state-owned oil company stated the facility's second phase would be completed in Q2 2024, leading to the refining of 150,000 crude by the plant.
Dangote refinery begins sale of diesel
The development comes as the Dangote refinery sold diesel to marketers on Monday, April 15, 20024.
A statement from the refinery said the initiative is expected to improve diesel prices and supply in the country, reducing Nigeria’s exposure to crude oil prices and rising arbitrage opportunities.
“Marketers have already begun picking up diesel from the refinery, with various posts and videos showcasing diesel loading onto truck tankers and vessels at the refinery.
“The rollout has been met with optimism and celebration, seen as a positive step for Nigeria's energy sector, despite initial scepticism,” Dangote refinery said.
Nigerian company completes CNG stations
Legit.ng reported that NIPCO Gas has completed and opened four new CNG stations in Lagos to promote an alternative to petrol.
The four facilities would be opened for commercial operations by the end of April to become the first in Lagos.
According to Nagendra Verma, the managing director of NIPCO Gas, the firm has been involved in AutoGas's development and growth since 2009.
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Source: Legit.ng
