The Nigerian National Petroleum Company Limited (NNPCL) has firmly dismissed recent reports suggesting the shutdown of the Port Harcourt Refinery.
In a statement released on Saturday, NNPCL spokesperson Olufemi Soneye clarified that the refinery is fully operational, with ongoing loading operations at its 60,000 barrels per day facility.
This announcement comes amid widespread rumors about the refinery's operational status. "We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC," stated Soneye.
The company urged Nigerians to disregard these claims, describing them as "figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians."
The Port Harcourt Refinery, which recently resumed operations after a three-and-a-half-year hiatus, is part of a broader initiative by the Nigerian government to rehabilitate and optimize the processing capacities of its state-run refineries.
This effort includes the Warri Refining & Petrochemical Co. Ltd. and Kaduna Refining & Petrochemical Co. Ltd., with capacities of 125,000 and 110,000 barrels per day, respectively.
The rehabilitation project, initiated under former President Muhammadu Buhari, aligns with Nigeria's Renewed Hope Agenda, focusing on enhancing energy security and economic prosperity.
The agenda aims to increase in-country refining capacity to meet domestic demand and export surplus products to international markets. As of November 26, 2024, the Port Harcourt Refinery was operating at 70% of its nameplate capacity, with plans to ramp up to 90%.
The refinery's restart was facilitated by Italian engineering firm Maire Tecnimont under a $1.5 billion contract.
The initial phase of operations is expected to produce 12,000 barrels per day of gasoline, 13,000 barrels per day of diesel, 8,600 barrels per day of kerosene, 19,000 barrels per day of fuel oil, and 850 barrels per day of LPG.
The Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA) has also confirmed that products from the Port Harcourt Refinery will be made available nationwide, potentially stoking price competition.
The average national gasoline price reported by the National Bureau of Statistics was 1,185 Naira per litre in October, reflecting an 88% increase year-on-year. With the Port Harcourt Refinery back online, Nigeria is poised to reduce its reliance on imported petroleum products.
The federal government has expressed continued support for NNPCL as it works to complete the rehabilitation of the Warri and Kaduna refineries, aiming to transform Nigeria into a net exporter of refined products.
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