The Port Harcourt Refining Company (PHRC) Limited, boasting a combined daily capacity of 210,000 barrels, officially began operations on Wednesday, signaling a crucial step towards Nigeria’s goal of self-sufficiency in fuel production. Daily Post received footage capturing the refinery’s flare, a visual confirmation of the commencement of oil refining activities.
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This development aligns with the statement made by the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, in August, who anticipated the refinery’s operation starting in December 2023. The overarching objective, as stated by the Minister, is to curtail the nation’s reliance on fuel imports.
Backing Lokpobiri’s assertion, the Nigerian National Petroleum Corporation Limited (NNPCL) declared its commitment to ending petroleum product imports by December 2024. Mele Kyari, the Group Chief Executive Officer of NNPCL, affirmed, “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.”
The Federal Executive Council had greenlit a $1.5 billion rehabilitation fund for the Port Harcourt Refinery in March 2021. Notably, data indicates that the Nigerian government has invested N11.35 trillion ($25 billion) in the past decade to address issues in the country’s three refineries.
With the Port Harcourt Refinery now operational, stakeholders in the downstream sector express optimism that the exorbitant fuel prices, currently exceeding N617 per litre, may experience a downward adjustment. This marks a pivotal moment in Nigeria’s quest for energy self-sufficiency and a significant stride toward reducing dependence on imported fuel.