The Federal Authorities on Wednesday stated the Port Harcourt Refining Firm was nonetheless present process testing, including that refined petroleum merchandise from the plant would quickly hit the market.
This was disclosed at a briefing in Abuja, when oil entrepreneurs expressed concern that the latest crash of the naira towards the US greenback might result in an increase within the pump costs of refined petroleum merchandise.
They particularly questioned how the Nigerian Nationwide Petroleum Firm Restricted would proceed to produce Premium Motor Spirit, popularly referred to as petrol, on the present value, contemplating that one greenback is now equal to about N1,450.
In the meantime, the Minister of State for Petroleum Sources, Heineken Lokpobiri, at an occasion in Abuja on the Port Harcourt Refinery, informed journalists that the plant was nonetheless present process testing.
Recall that the Federal Authorities on December 21, 2023, introduced the mechanical completion of the rehabilitation works on the Space-5 plant of the Port Harcourt Refining Firm in Rivers State.
It additionally said that the primary section of the plant had been accomplished because the plant would begin refining 60,000 barrels of crude oil after the Christmas holidays. Nevertheless, this didn’t occur.
However when requested on Wednesday concerning the standing of the power, Lokpobiri stated: “The mechanical side of the Port Harcourt Refinery has been accomplished and they’re nonetheless testing. Yesterday the MD of the refinery was right here as a result of I needed to ask him what was happening.
“These have been tasks which are elementary to our financial survival, and I imagine merchandise will emerge from them very quickly. However there are a number of parts in that big construction that mechanically take time to finish earlier than any merchandise can arrive.
“Recall that the Dangote Refinery was commissioned by the Buhari administration however they haven’t but began releasing merchandise as a result of it takes time. So I imagine the Port Harcourt refinery will come up quickly and the Warri refinery is in high gear.”
The minister additional said: “When you ask me, we’d have massively elevated our refining capability within the coming months. I learn a report that if we refine our merchandise right here, we are going to get 18 instances extra worth.
“So I imagine that very quickly the Port Harcourt refinery and the opposite refineries will all come on line. This coincides with our modular refinery program the place we’re giving some folks 5,000 barrels, 10,000 barrels and 30,000 barrels.”
He famous that with the addition of all these wants, Nigeria would be capable of meet its power wants and in addition provide refined merchandise to West Africa.
On the price of PMS, the Chief Nationwide Public Relations Officer of the Unbiased Petroleum Entrepreneurs Affiliation of Nigeria, Ukadike Chinedu, stated based mostly on the crash of the naira towards the greenback, the value of the commodity might enhance.
“We commend the NNPC for its capability to ship PMS, however the reality is that the appreciation of the greenback is affecting all commodities in Nigeria and PMS might not be an exception within the close to time period. So it’s possible that we are going to see a rise within the worth,” he stated.
