The Nigerian National Petroleum Corporation (NNPC) is set to commence the second phase of the rehabilitation of the Port-Harcourt Refinery in the first quarter of 2021.
According to the African Business Intelligence Report, NNPC is working hard and round the clock towards ensuring that four refineries are up and running by 2023.
The Group MD of NNPC, Mallam Mele Kyari made this disclosure and said, “The vision of revamping the pipelines is in tandem with the Refineries Rehabilitation Project, which we have promised to deliver by 2023. I am happy to announce that the funding challenge which had stalled the second phase of the rehabilitation of the Port Harcourt Refinery has been resolved. The contract for the second phase will soon be awarded and work will commence in Q1 of 2021.”
According to Mallam Kyari, a lot has been put in place to boost exploration and production with a view of achieving 3m barrels per day production target.
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What you should know
- Nairametrics had reported that the first phase rehabilitation was to take place 2 years ago and to be executed by Milan-based Maire Tecnimont S.p.A, in collaboration with its Nigerian affiliate, Tecnimont Nigeria.
- It was expected that after the phase-1 of rehabilitation, the Refinery complex should be able to reach its 60% capacity utilization.
- Further rehabilitation of the PHC refinery is expected to enhance its production capacity to meet its production targets
- Putting the refineries in good shape to produce optimally would stem down the huge imports of the refined petroleum products, considering that about 90% of the refined petroleum products consumed in Nigeria are imported.
this is a welcome development