cover

Video: Port Harcourt refinery commences operation

Video: Port Harcourt refinery commences operation

The Port Harcourt Refining Company, PHRC, Limited, with a combined capacity of 210,000 barrels per day, commenced operation on Wednesday, in fulfilment of the promise made by this administration.

According to a video posted on X by one Pastor Okezie under the handle @ONsogbu, the refinery’s flare which indicated the commencement of oil refining was shown while people congratulating themselves was heard.

The development comes months after the Minister of State for Petroleum (Oil) Senator Heineken Lokpobiri said in August that the Port Harcourt refinery will commence operation in December 2023.

According to the Minister, the objective is to ensure the country stops importing fuel.

Corroborating Lokpobiri’s stance, the Nigerian National Petroleum Corporation Limited, NNPCL, declared that importing petroleum products into the country will cease by December 2024.

The Group Chief Executive Officer of the NNPCL, Mele Kyari, 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.

In March 2021, the Federal Executive Council approved $1.5 billion to rehabilitate the Port Harcourt Refinery.

Accordingly, data showed that the Nigerian government has spent N11.35 trillion ($25 billion) in the past ten years on fixing the country’s three refineries.

Meanwhile, with the commencement of Port Harcourt Refinery, stakeholders in the downstream sector said the price of fuel, which is over N617/litre, may drop.

society_admin

Recent Posts

GTBank Customer Complaints to Disappearing Deposits, Deduction Issues, and the Silent MD

GTBank Customer Complaints to Disappearing Deposits, Deduction Issues, and the Silent MD Customers of Guaranty…

1 day ago

LITF 2024: Care Global Consumer Ltd Positions Midea Appliances, Offers Free Gifts On All Purchases

LITF 2024: Care Global Consumer Ltd Positions Midea Appliances, Offers Free Gifts On All Purchases…

4 days ago

First Bank Recapitalization: How Boardroom Conflicts and Declining Customer Trust may Affect

First Bank Recapitalization: How Boardroom Conflicts and Declining Customer Trust may Affect First Bank of…

5 days ago

Access Holdings Reaffirms Commitment to Driving Inter-, Intra-African Trade

Access Holdings Reaffirms Commitment to Driving Inter-, Intra-African Trade • Banking subsidiary targets November for…

6 days ago

Wema Bank Releases Q3 2024 Unaudited Results… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth

Wema Bank Releases Q3 2024 Unaudited Results… Reports Profit Before Tax of ₦60.62billion, a 174%…

6 days ago

Adron Homes Lead the Charge for Breast Cancer Awareness with Annual Screening Initiative

Adron Homes Lead the Charge for Breast Cancer Awareness with Annual Screening Initiative Adron Homes…

6 days ago