PH Refinery restart key to Nigeria’s energy self-sufficiency — NNPC

The Nigerian National Petroleum Company Limited (NNPC) on Monday highlighted the significance of restarting the 60,000 barrels per day Port Harcourt refinery in Nigeria’s push towards achieving energy sufficiency and security.

NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, made this known during the company’s energy relations stakeholders engagement in Abuja. Soneye noted that under the leadership of Group CEO Mele Kyari, the company had achieved major milestones in reshaping Nigeria’s oil and gas sector.

“The restart of the Port Harcourt Refinery is a significant turning point in Nigeria’s quest for energy self-sufficiency,” Soneye said. “This move demonstrates NNPC’s commitment to revitalising the nation’s refining capacity.”

He also highlighted NNPC’s push for the adoption of Compressed Natural Gas (CNG) as an alternative energy source, which is expected to offer Nigerians a cleaner and more cost-effective solution to rising global energy costs.

Soneye also noted that NNPC had secured a $1 billion loan backed by crude oil to support the Dangote Refinery, which helped alleviate liquidity challenges and led to the establishment of Nigeria’s first private refinery.

Under Kyari’s leadership, NNPC declared a profit for the first time in decades, exceeding its profit projections for 2024. The company also facilitated the $3 billion Gazelle loan, which helped stabilise the federation during a foreign exchange crisis.

Soneye stressed that NNPC remains committed to fostering meaningful relationships with stakeholders and driving national development.