The Nigerian government and the Nigerian National Petroleum Corporation (NNPC) are making significant progress in reviving the country's refineries, with the Port Harcourt and Warri plants expected to come online soon.
According to Dr. Billy Gillis Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria, who recently toured the facilities, the refineries are nearing completion, with the Port Harcourt refinery already starting production processes.
Dr. Harry expressed optimism that the refineries will be operational by the end of the month, citing the collaborative efforts of the government and NNPC. He noted that the refineries' revival will have a positive impact on fuel prices and help stabilize the supply of petroleum products in the country.
The Port Harcourt refinery, with a capacity of 60,000 barrels per day, is expected to start producing refined fuel soon, while the Warri refinery, with a capacity of 125,000 barrels per day, is undergoing urgent repairs. Dr. Harry emphasized the need for a new business model to ensure the sustainability of the refineries' operations, involving private sector participation and regular audits.
Regarding the Dangote refinery, Dr. Harry acknowledged its significance but noted that the Nigerian government-owned refineries will still play a crucial role in meeting the country's petroleum product needs. He expressed hope that the refineries' revival will have a positive impact on the economy and encouraged stakeholders to work together to achieve this goal.