The Nigerian National Petroleum Company Limited (NNPCL) has refuted media claims suggesting that the recently revitalized old Port Harcourt refinery has ceased operations.
Operational Status Confirmed
In an official statement released in Abuja on Saturday, Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Ltd, affirmed that the old Port Harcourt refinery, with a capacity of 60,000 barrels per day, is “fully operational.” This statement comes after the refinery resumed operations two months ago following years of inactivity.
Verification by Experts
The statement highlighted that the operational status was recently confirmed by former Group Managing Directors of NNPC during a visit. Soneye emphasized ongoing preparations for daily loading operations at the facility, dismissing shutdown rumors as baseless.
Addressing Public Misconceptions
Soneye warned that some individuals might be spreading false information to create an artificial scarcity of petroleum products, potentially to exploit Nigerian consumers. He urged the public to disregard such misinformation.
Government Investment in Refinery Overhaul
The Federal Government had sanctioned a significant investment of $1.5 billion for the repair of this major refinery, which had been non-operational since 2019. Despite Nigeria being a leading crude oil producer, the lack of local refining capacity has historically forced reliance on imported petroleum products.
READ ALSO: Port Harcourt Refinery Halts Operations Again After $1.5bn Rehab
Economic Impact of Fuel Imports
For years, Nigeria exchanged crude oil for imported petrol under a subsidy system aimed at keeping fuel prices low for domestic consumers. This practice has significantly impacted the nation’s foreign exchange reserves, particularly during times of low oil revenue and currency shortages.
Future Prospects for Refining in Nigeria
In related news, the Group Chief Executive Officer of NNPCL, Mele Kyari, provided an update stating that the new Port Harcourt Refining Company complex, with a capacity of 150,000 barrels per day, is expected to start operations by mid-2025. He also noted that the old complex, now fully operational, is capable of servicing 200,000 trucks daily with various petroleum products. Kyari mentioned that the primary challenge in bringing the complex back to life was the comprehensive overhaul of its aging machinery.
