Dangote Refinery Gets Strong Competition as NNPC Completes Another Refinery, Product Date Set
- Insiders at the Nigerian National Petroleum Company Limited (NNPC) have disclosed that the Port Harcourt refinery is ready for production
- They disclosed that the refinery, which is already producing products, will be commissioned before the end of the year
- The reason total production is yet to commence at the facility is to ensure it is functioning optimally to avoid a breakdown after a few months
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The reason the Port Harcourt Refinery has yet to commence production despite officially completing its overhaul is to ensure that it continues to produce long after the overhaul.
According to reports, NNPC insiders disclosed that the company's Group Chief Executive Officer, Mele Kyari, wants to ensure everything works ideally and at maximum capacity before full operations begin.
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No technical issues with Port Harcourt refinery
The revelations came during a media conference in Efurun in Delta State on Friday, September 13, 2024, where journalists from different media houses gathered to discuss pressing issues in the oil and gas sector.
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One of the conversation's conveners, Solomon Oseagah, noted that the Port Harcourt Refinery is already producing and will be commissioned before the end of the year.
Oseagah said there are no technical issues or unpreparedness, but the national oil firm’s commitment is to ensure the facility operates at maximum capacity before launching to the public.
He said:
“Once the remaining issues are resolved, President Bola Tinubu will commission the facility, which is already in production and expected to be officially inaugurated by year-end”.
Punch reports that Oseagah declared that the NNPC is handling the ongoing challenges regarding petroleum product availability and delays in Nigeria’s refineries.
He stressed that all setbacks are diligently addressed to avoid the refinery's breakdown after a few months of production.
NNPC cannot fix prices for Dangote Refinery
He asked journalists to fact-check and maintain objectivity in reporting NNPC’s activities.
Oseagah said the NNPC aims to ensure the proper functioning of Nigeria’s refineries for the good of the citizens, saying that the national oil company has no pricing authority over Dangote Refinery and that market forces dictate prices under the deregulated system.
Per Oseagah, the NNPC is trying to maintain industry integrity and performance and has no issues with Dangote Refinery.
Dangote and NNPC disagree over petrol pricing
He, however, stated that the company will not fix prices for Dangote as the market has been liberalised.
The development comes amid claims and counter-claims by NNPC and Dangote Refinery about petrol prices from the facility.
The NNPC released the prices of the Dangote petrol nationwide on Monday, September 16, 2024, saying that it purchased the product from the company at N898 per litre.
Dangote immediately countered the NNPC, saying its claims were mischievous and misleading, as its petrol was priced in dollars and sold below-imported prices.
NNPC finally releases date for PH refinery to begin operation
Legit.ng previously reported that the group chief executive officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, had said the Port Harcourt Refinery would begin operations in two weeks.
During an interactive session with the Senate, Kyari disclosed this on Thursday, March 14, 2024.
Multiple reports disclosed that Kyari assured Nigerians that the delivery date for the refinery and other refineries remains unchanged.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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