Dangote Set to Welcome Competitor as NNPC Gives Timeline for Another Refinery to Begin Production
- The Nigerian National Petroleum Company Ltd. supplied one million barrels of crude oil to the Old Port Harcourt Refinery
- This is in readiness for the refinery to begin production of refined products before the end of the year
- As a result of the growing need for the plant to start producing before the end of the year, the NNPCL is asking for a phased start
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
One million barrels of crude oil were supplied to the Old Port Harcourt Refinery by the Nigerian National Petroleum Company Ltd after the facility's mechanical completion in December of last year. This is in preparation for the facility's petroleum products to be refined.
Source: Getty Images
According to information obtained by Daily Trust, the NNPCL is requesting a phased start due to mounting demand for the facility to begin production before the end of the year.
The NNPCL is considering August as a potential timeframe for the partial start of full refining operations.
The refinery received the one million barrels of crude oil in two instalments, the most recent of which arrived last Wednesday.
One barrel of crude oil can yield about 170 liters of refined petroleum products.
This suggests that an estimated 170 million liters of Premium Motor Spirit—also known as petrol—and other refined products can be produced from the one million barrels that the NNPC gave to the Port Harcourt plant.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority had granted the refinery's license.
The PHRC restoration project is a nationwide undertaking encompassing the Engineering, Procurement, Construction, Installation, and Commissioning phases, with an approximate cost of $1.5 billion.
Senate committee speaks on Port Harcourt Refinery
Legit.ng reported that the Senate Ad-Hoc Committee investigating the Turnaround Maintenance of Nigeria's refineries has revealed that the rehabilitation of the Port Harcourt Refinery is about 90% complete and will commence operations before the end of the year.
The committee chairman, Ifeanyi Uba, disclosed this in the Rivers State capital during a visit by the committee members to the state governor, Siminalayi Fubara.
Uba's statement follows a similar one by the Independent Petroleum Marketers Association of Nigeria (IPMAN), which said the facility is mainly completed.
PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration!
Source: Legit.ng
