Buhari Legacy: FG Announces Port Harcourt Refinery Repair Works Completed, Set Date for First Production

Buhari Legacy: FG Announces Port Harcourt Refinery Repair Works Completed, Set Date for First Production

  • The Federal government of Nigeria has revealed the date for the completion of the Port Harcourt refinery
  • In 2021, NNPC during the award of the repair works contract to an Italian firm, Tecnimont promised 18 months of completion
  • The Port Harcourt refinery is now set to have its first production in the next two months

The federal government has announced that the Port Harcourt refinery is fully completed and will begin production in March 2022.

Minister of State for Petroleum Resources, Timipre Sylva disclosed this on Monday, January 9, 2022, at the President Muhammadu Buhari Administration Scorecard (2015 – 2023) in Abuja.

According to Sylva, all is now set for the refinery to start working after many years of being idle.

Port Harcourt refinery ready
Port Harcourt refinery set for its first production Credit: @nnpc
Source: Getty Images

He said:

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“The rehabilitation of the 60,000 barrels per day is completed and it is going to be started in the first quarter."

Dangote refinery is also ready

Also, Sylva provided an update on the Dangote Refinery in which the Nigerian government holds 20 percent shares, Waltersmith 30 percent shares, and Duport 30 percent will come on stream this year.

According to the minister, Dangote Refinery is ready and has already concluded its sourcing of feedstock (crude oil) with NNPCL.

The Punch reports that the minister explained that the private refineries that have been completed need a feedstock guarantee for them to commence production.

A refinery feedstock is a product or a combination of products derived from crude oil that can be transformed into one or more components and/or finished products.

Sylva also added that modular refineries were still negotiating their contracts for the stock in the bid to begin refining.

His words:

"The commencement of production in the refineries will be the end of the importation of petroleum products into Nigeria by 2024"

Petrol subsidy

On petrol subsidy, the minister noted it is no longer sustainable for the Federal Government to keep paying the subsidy support.

When asked if the funds spent thus far on subsidy payments would not have been sufficient to build new refineries, he stated that if the subsidy assistance is eliminated, the government might redirect the funds into infrastructure development, such as the construction of a new refinery.

Full list of banks' USSD codes for e-payments

Meanwhile in another report, Legit.ng has provided a list of all banks' USSD codes for quick payment.

USSD transactions are one major structure for the CBN in its drive to ensure a cashless society since it doesn't need the internet.

The report also provided a breakdown of steps any Nigerian can start using the various service it provided.

Source: Legit.ng

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