PH Refinery Speaks on New Development After Stopping Operations Amid New Price Announcement
- After a temporary scaling down, the Port Harcourt refinery has resumed full activity, according to Ibrahim Onoja, Managing Director
- Moyi Maidunama, Director of Operations at Nigeria Pipeline Storage Company Ltd., acknowledged that output had momentarily dropped
- In order to help resolve certain technical challenges and enable the facility to increase its supply capacity, he noted, the reduction was necessary
CHECK OUT: Education is Your Right! Don’t Let Social Norms Hold You Back. Learn Online with LEGIT. Enroll Now!
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Ibrahim Onoja, Managing Director, Port Harcourt refinery stated that the refinery has resumed full operation after a brief "scaling down".
Source: Getty Images
Reporters observed no signs of activity upon visiting the Port Harcourt Refinery Area 5 just a few days after it began operation
Meanwhile, following a Sunday night tour of the refinery, Onoja told reporters that the facility has resumed product delivery, including diesel, kerosene, and Premium Motor Spirit.
”The refining plant has undergone extensive upgrades to enhance efficiency and reliability which had also impacted on production capacity.
”We replaced most of the equipment including pumps installation and cables. The plant is running and we are trucking out our products,” he said.
Nigeria Pipeline Storage Company (NPSC) Ltd. Director of Operations Moyi Maidunama admitted that production had temporarily decreased, The Nation reported.
He added that the reduction was required to assist address some technical issues so that the facility could boost its supply capacity.
”We are managing the process with the number of trucks available today, using three loading arms for evacuation, this will be resolved soon.
”Our operations were not totally halted but reduced due to some of the improvements that we needed to make in terms of getting more loading arms operational.
”We have been evacuating refined petroleum products from the refinery since yesterday and its obviously going to be a continuous process,” he said.
He claims that because of its great efficiency, the deport, which has eleven operational loading bays, currently only uses three.
He said that each of the bay evacuates as much as three trucks in 15 minutes.
He however, expressed worries over slow turn out of tanker drivers.
Meanwhile, the Port Harcourt refinery recently lowered the price of premium motor spirit (PMS), also known as gasoline, for marketers to N1,030 per litre, according to the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN).
The refinery's original pricing of N1,045 per litre was cut to the new price.
Ex-NNPC boss sees new petrol price
Legit.ng reported that Prof. Billy Okoye, the former managing director of Nigerian National Petroleum Company Limited Retail has said that the deregulation of Nigeria's oil and gas sector will drive ex-depot prices for the recently revived Port Harcourt and Dangote Refineries Premium Motor Spirit (Petrol) below the current N1030 and N970 per litre.
In an interview with the Daily Post, Okoye made this statement during a gathering hosted by PETROAN, the Petroleum Products Retail Outlet Owners Association.
He claims that President Bola Ahmed Tinubu's May 2023 statement regarding the elimination of petrol subsidies laid the stage for the complete deregulation of the oil sector.
PAY ATTENTION: Legit.ng Needs Your Opinion! That's your chance to change your favourite news media. Fill in a short questionnaire
Source: Legit.ng
