Nigerian Refinery Ready to Kickstart Operations, Compete With Dangote to Sell Fuel, Diesel, Others
- According to fuel marketers, the Port Harcourt refinery is expected to complete its work by August
- Generating petroleum products and will have the capacity to provide marketers with 10–12 million litres of gasoline
- According to fuel marketers, the Port Harcourt refinery is expected to complete its work by August
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
After months of waiting, it appears the Port Harcourt refinery is finally ready to begin operations.
Source: Getty Images
Oil marketers seem ready for the development as they expressed optimism that the refinery will meet its August deadline and will be able to supply 10 to 12 million liters of petrol to marketers.
This is coming at a time when the Dangote refinery is getting ready for petrol production.
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Recall that Legit.ng earlier reported that 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 was undergoing crucial licensing procedures.
Zarma Mustapha, the national operations controller of IPMAN, stated in an interview with Channels TV that the refinery will run independently and sell at the going rate in the market with little to no intervention from the government.
However, he emphasised that unless there is an agreement to sell at a subsidised rate, the refineries' functioning does not ensure a fall in petrol prices, as many had anticipated.
He clarified, nevertheless, that the refinery needs to recoup its operating expenses, especially the $1.5 billion loan it received from a creditor for maintenance in 2021.
Dangote speaks on cost of buying Nigerian crude
Legit.ng reported that Dangote Industries Limited stated that it never claimed that the Nigeria National Petroleum Company Limited (NNPCL) was depriving its refinery of crude oil.
Contrary to reports that the Dangote Refinery backed down from its accusations that the NNPCL was not delivering it with crude oil, the company stated in a statement on Thursday that its worry has always been NUPRC's unwillingness to enforce the domestic crude supply commitment.
The statement by the Group Chief Branding & Communications Officer Anthony Chiejina according to Channels TV read.
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Source: Legit.ng
