In a significant development, the Port Harcourt Refining Company, PHRC, Limited, boasting a combined capacity of 210,000 barrels per day, has officially commenced operations, as revealed in exclusive footage obtained by DAILY POST.

Months ago, in August, Minister of State for Petroleum (Oil) Senator Heineken Lokpobiri had announced the refinery’s planned operational kick-off in December 2023, with a clear objective—to halt the nation’s dependency on fuel imports.

The video footage captures the unmistakable flare of the refinery, signaling the initiation of oil refining processes. This milestone aligns with the Nigerian National Petroleum Corporation Limited’s commitment to ending petroleum product imports into the country by December 2024, as emphasized by the Group Chief Executive Officer, Mele Kyari.

To facilitate this revival, the Federal Executive Council had approved a substantial $1.5 billion for the rehabilitation of the Port Harcourt Refinery in March 2021. Notably, data indicates that the Nigerian government has invested N11.35 trillion ($25 billion) over the past decade to address issues within the country’s three refineries.

Industry stakeholders anticipate a positive ripple effect from the Port Harcourt Refinery’s resumption, speculating that the current fuel price, exceeding N617 per litre, might experience a welcome decrease. This development holds promise for a more self-sufficient and economically stable future in Nigeria’s energy sector. Stay tuned for further updates on this unfolding story.

Leave a Reply

Your email address will not be published. Required fields are marked *