By Oluwatosin Maliki
In a significant development, the Port Harcourt Refining Company (PHRC) Limited, officially commenced operation on wednesday, with a combined capacity of 210,000 barrels per day.
A video spotted by Quest Times on Thursday morning, showed the refinery’s flare, indicating that the operations have commenced.
Nigeria has suffered economic setbacks as a result of its reliance on imported petroleum products, due to lack of domestic refining capacity, despite being Africa’s number oil producer.
Earlier in August, the Minister of State for Petroleum (Oil) Senator Heineken Lokpobiri assured that the Port Harcourt refinery will start operation in December 2023.
While inspecting the rehabilitation works on the refinery, Lokpobiri, stated, “Our objective in coming here today is to ensure that in the next few years, Nigeria stops fuel importation. From what we have seen here today, Port Harcourt Refinery will come on board by the end of the year.”
He noted, “Warri will come on stream by the end of the first quarter of next year, and Kaduna will also come on board towards the end of next year. If you add that to the Dangote Refinery, we will be able to stop fuel importation, and Nigerians will enjoy the full benefits of deregulation.”
In addition, the Nigerian National Petroleum Corporation Limited, NNPCL, equally declared that importing petroleum products into the country will cease by December 2024.
Mele Kyari, the Group Chief Executive Officer of the NNPCL, had said, “I can confirm to you that by the end of December this year, we will start the Port Harcourt refinery; early in the first quarter of 2024, we will start the Warri refinery, and by the end of 2024, Kaduna refinery will come into operation.”
It was also gathered that in March 2021, the Federal Executive Council approved the sum of $1.5 billion to rehabilitate the Port Harcourt Refinery.
Moreso, data showed that the Nigerian government has spent a total of N11.35 trillion ($25 billion) in the past ten years to repair the country’s three refineries.
Additionally, Nigeria contracted an Italian firm, Maire Tecnimont, to carry out the repair work at the facility.
The commencement of Port Harcourt Refinery indicates fuel price reduction, as stakeholders in the downstream sector said the price of fuel, which is over N617/litre, may drop.
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Breaking News
Port-Harcout Refinery is Alive
Congratulations to the Good People of the Federal Republic of Nigeria.
Renewed Hope is Alive
— Pastor Okezie J. Atañi… (@ONsogbu) December 20, 2023