New Refinery Project Set To Begin, Company Signs Deal With NNPCL To Begin Work

• A new refinery project is set to begin within the Port Harcourt refinery, and it will have a capacity of 100bpd
• The refinery is expected to produce petrol, diesel and Liquefied Petroleum Gas (LPG), known as cooking gas
• When the new project is completed, it will boost the combined capacity of 310,000 barrels per day

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Port Harcourt Refining Company (PHRC), a subsidiary of the Nigerian National Petroleum Company Limited (NNPCL), has reached an agreement with African Refinery to build another refinery within the PHRC complex.

NNPCL made the disclosure on its social media handles, noting that the refinery will have a capacity of 100,000 barrels per day to produce Premium Motor Spirit (PMS) petrol and automotive Gas Oil (AGO) diesel.

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Other expected products include Aviation Turbine Kerosene (ATK) and Liquefied Petroleum Gas (LPG), which is also known as cooking gas.

The company added that the agreement will lead to the supply of other petroleum products to the domestic and international markets.

The statement reads:

“NNPC Ltd.’s move to boost local refining capacity witnessed a boost today with the signing of share subscription agreement between the Port Harcourt Refining Company (PHRC) and African Refinery for the co-location of a 100,000bpd capacity refinery within the PHRC complex.

“ The signing of the agreement is a significant step towards setting in motion the process of building a new refinery which, when fully operational, will supply PMS, AGO, ATK, LPG, and other petroleum products to the local and international markets and provide employment opportunities for Nigerians, said NNPCL."

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Dangote refinery beats all 10 biggest refineries in Europe

Earlier, Legit.ng reported that the Dangote refinery has been ranked among the best in the world, surpassing major European refineries.

Completed in 2023, the Dangote refinery is expected to meet all of Nigeria's refining needs and also export its products.

Already, the refinery has released its first products, including diesel and aviation fuel, and the impact is already being felt.

Source: Legit.ng