Port Harcourt Refinery to be fully operational this August — IPMAN

The Deputy President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Zarma Mustapha has assured that the Port Harcourt Refinery will meet its deadline and become fully operational this August.

During an interview on Channels Television’s Sunrise Daily, Mustapha expressed confidence that the refinery’s long-awaited completion will significantly boost the supply of petrol in Nigeria.

He stated, “I am confident and optimistic that this August deadline is going to be realistic. The refinery will come on stream, fully producing all the necessary components that a refinery is supposed to produce. With a capacity of 60,000 barrels, it can provide approximately 10 to 12 million litres of petrol daily.”

When questioned about the potential impact of the refinery’s operation on petrol prices, Mustapha indicated that it could lead to a reduction, depending on the cost of crude oil and the refinery’s pricing strategy.

“Of course, it depends on how much they are willing to sell and how much they get the crude because they are buying the crude at an international price too,” he explained.

Mustapha also highlighted the financial commitment involved in the refinery’s refurbishment, noting that a $1.5 billion loan was secured to fund the project.

“They took a loan of $1.5 billion from one of the African financial institutions, although I’m not certain which one. The loan will be repaid from the refinery’s operations,” he said.

Originally slated for completion in 2019, the refurbishment and upgrade of the Port Harcourt Refinery in Nigeria’s oil-rich Niger Delta region has faced multiple setbacks.

The project, seen as essential for Nigeria’s energy independence and economic stability, has been delayed by political disagreements, funding challenges, and technical issues.