After Port Harcourt, NNPC Sets Date For Completion of Kaduna Refinery
- The NNPC has announced that the completion of the Kaduna Refinery is scheduled for the end of the year(2024)
- The refinery, which was founded in 1980, has the capacity of producing 110,000 barrels per day of crude oil
- NNPCL hopes when refineries such as Dangote, Port Harcourt, Kaduna and Warri begin operation, fuel prices will drop
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 Nigerian National Petroleum Company Limited(NNPCL) has announced that the rehabilitation work at the Kaduna refinery will be completed by the end of 2024.
The Managing Director of KRPC, Mustafa Sugungun, disclosed this after he led members of the Senate Adhoc Committee on Petroleum Downstream to the facility.
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Sugungun explained that the 110,000-barrel-per-day Kaduna Refinery would start producing at 60% capacity by the end of the year, while full production will occur subsequently.
He added that the rehabilitation work, presently at 40%, is expected to be completed within the stipulated time frame.
He said:
“Our rehabilitation is going on well and steadily according to the plan we have. We are planning to bring this plant to 60 percent nominal capacity by December 31st, 2024.
“Currently, we are heading towards 40 per cent of rehabilitation. We remain committed to bringing back the plant at least 60 percent of our nominal capacity.
“The overall capacity of Kaduna Refinery is 110, 000 barels per day, but we are starting with only 60 percent of that. And in less than one year, we will attain the 110,000 capacity.
“So, this initial plant operation is for 60 percent Nigerian crude and 50, 000 barrels of imported crude. Imported crude is mainly for lubricants and other petrochemical aspect of it."
Nigerian aims to end importation
In the last few years, the Nigerian government has been working hard to ensure that refineries, which have been shut down for years due to lack of maintenance, are revived.
The Port Harcourt refinery is almost ready, and work on the Warri refinery is ongoing. The Kaduna refinery is also expected to help Nigeria end the importation of petroleum products.
The Dangote refinery has already started producing products, and NNPCL hopes that all will help reduce fuel prices.
Filling stations sell petrol at new prices
Earlier, Legit.ng reported that several filling stations across the country have adjusted their pump prices in reaction to the scarcity.
In Lagos, some filling stations sell at N650 per litre, while in states such as Abia, it costs N700 to N750 per litre.
The scarcity is even worse in the northern part of the country, with reports of the black market selling a litre of fuel for as high as N2,000.
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Source: Legit.ng
