Would you like to receive notifications on latest updates of the following headlines?

Port Harcourt Refining Company Resumes Operations

POSTED ON December 30, 2023 •   BUSINESS      BY Oluwakemi Ademuyiwa

The Port Harcourt Refining Company (PHRC) in Rivers State has successfully recommenced operations, a significant stride towards fulfilling the Federal Government's pledge to resume refined product production at the facility by December 2023.

After years of underperformance and extensive turnaround maintenance, the revitalization of the Port Harcourt refinery aligns with the government's broader agenda to enhance domestic refining capabilities. The PHRC is one of four refineries in Nigeria, alongside those in Warri and Kaduna, collectively possessing the capacity to process 445,000 barrels per day (bpd). These refineries were shut down in 2019.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, announced in August that the Port Harcourt refinery would be operational by the end of the year during an inspection tour of the rehabilitation work at the PHRC Ltd. plant.

“Our objective in coming here today is to ensure that in the next few years, Nigeria stops fuel importation. From what we have seen here today, Port Harcourt Refinery will come on board by the end of the year,” stated Lokpobiri.

The resumption of operations at the Port Harcourt refinery follows the Federal Government's approval of $1.5 billion (1.2 billion euros) in funding for the repair of one of its largest oil refineries over two years ago. Italian firm Maire Tecnimont was selected to conduct the repairs, focusing on the facility with a capacity of approximately 210,000 bpd.

Former Minister of Petroleum (State) Timipre Sylva outlined the rehabilitation plan in three phases, aiming for a 90% production capacity in the first 18 months, followed by additional milestones in 24 and 44 months.

Nigeria, despite being the leading oil producer in Africa, has faced fuel shortages due to a reliance on imports, highlighting the urgency of boosting domestic refining capacity. The revival of the Port Harcourt refinery and ongoing efforts at the Dangote Refinery are anticipated to improve fuel supply in Nigeria, fostering savings on refined fuel and other petroleum products.

The removal of fuel subsidies, coupled with increased refining capacity, is expected to influence the cost of the product, representing a significant step in the government's overhaul of the Nigerian National Petroleum Company Limited (NNPCL) and its commitment to fortifying the nation's energy security.

READ ALSO
33 African Startups Cease Operations in 30 Months Amid Shift to Sustainability
BY Abiodun Saheed Omodara July 30, 2025 0

In the last 30 months, from January 2023 to mid-2025, approximately 33 startups in Africa ceased ope...

READ ALSO
Nigerian Financial Institutions Urged to Adopt Real-Time Tools to Combat Rising Fraud
BY Abiodun Saheed Omodara July 30, 2025 0

Financial institutions in Nigeria and throughout Africa have been encouraged to implement real-time...

READ ALSO
NDLEA Conducts Public Auction of Properties Linked to Drug Trafficking
BY Abiodun Saheed Omodara July 30, 2025 0

The National Drug Law Enforcement Agency (NDLEA) held a public auction yesterday for houses that wer...

READ ALSO
FG Plans Re-Privatization of Power Discos Amidst Legislative Changes
BY Abiodun Saheed Omodara July 29, 2025 0

The Federal Government may proceed with the sale of 11 power distribution companies through a re-pri...

READ ALSO
Lagos, Ogun Set for 25-Day Power Outage: Maintenance Work Begins July 28
BY Abiodun Saheed Omodara July 28, 2025 0

Lagos State and some areas of Ogun will undergo a power outage lasting 25 days, beginning on July 28...

READ ALSO
FG Mandates GPS Coordinates for Capital Projects Over N150 Million in 2025
BY Abiodun Saheed Omodara July 25, 2025 0

The Federal Government has required that all Ministries, Departments, and Agencies provide the Globa...

READ ALSO
FG Urges Project Accountants to Prioritize Integrity in Fund Management
BY Abiodun Saheed Omodara July 25, 2025 0

The Federal Government has cautioned project accountants and financial officers to prioritize care a...

READ ALSO
Electricity Tariffs: Power Firms Push Back Against State Negotiations
BY Abiodun Saheed Omodara July 24, 2025 0

On Wednesday, energy commissioners from all 36 states announced their willingness to engage with pow...

OUR CHANNELS:

IGP Egbetokun Addresses Plight of Retired Police Officers
BY Abiodun Saheed Omodara July 30, 2025 0

The Inspector-General of Police, Kayode Egbetokun, stated on Tuesday that many retired police office...


Shettima Highlights Food Sovereignty in Tinubu's Emergency Declaration
BY Abiodun Saheed Omodara July 30, 2025 0

Vice President Kashim Shettima provided insights into the motivations behind President Bola Tinubu&r...


CAC Demands Annual Returns to Avoid Deregistration
BY Abiodun Saheed Omodara July 30, 2025 0

The Corporate Affairs Commission (CAC) has initiated a new round of removing companies that have not...


Oyo State Government Seizes Goods from Unregistered Veterinary Practices
BY Abiodun Saheed Omodara July 30, 2025 0

The Oyo State Government on Tuesday shut down 15 veterinary outlets and seized goods valued in milli...


Nigerians Must Go: Ghanaians Rally Against Alleged Mass Prostitution and Ritual Killings
BY Abiodun Saheed Omodara July 30, 2025 0

Some Ghanaians have expressed their discontent with Nigerians, accusing them of engaging in mass pro...


SGF Urged Northern Politicians to Postpone Presidential Aspirations Until 2031
BY Abiodun Saheed Omodara July 30, 2025 0

The Secretary to the Government of the Federation, Sen. George Akume, has urged politicians from the...


Ola Aina Reflects on Frustrating Tottenham Experience that Changed His Career Path
BY Abiodun Saheed Omodara July 29, 2025 0

A defender for the Super Eagles, Ola Aina, has shared that he nearly signed with Tottenham Hotspur w...


CAF Announces Record $10.4 Million Prize Pool for 2024 African Nations Championship
BY Abiodun Saheed Omodara July 30, 2025 0

The Confederation of African Football has revealed an unprecedented total prize pool of $10.4 millio...


Victor Osimhen Set to Join Galatasaray: €75 Million Transfer from Napoli Finalized
BY Abiodun Saheed Omodara July 30, 2025 0

Victor Osimhen is expected to arrive in Istanbul this week as Galatasaray prepares to introduce the...


Fayose Endorses Tinubu, Oyebanji for 2027 Elections
BY Abiodun Saheed Omodara July 29, 2025 0

Former Ekiti State Governor, Ayodele Fayose, has officially endorsed President Bola Tinubu and Gover...


More Articles

Load more...

Menu