Business
Port Harcourt Refinery Set for Commercial Production Soon
Nigeria’s oil marketers are expressing renewed optimism about the Port Harcourt Refinery’s imminent start of commercial production.
According to Billy Gillis-Harry, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, his recent visit to the refinery, which has a capacity of 250 barrels per day, revealed that it is now prepared to produce petroleum products on a commercial scale.
Gillis-Harry noted that both the Port Harcourt Refinery and the Dangote Refinery are crucial for eliminating fuel shortages in Nigeria.
He emphasized that significant progress has been made, and he is hopeful that the refinery will begin operations in the near future. His firsthand observation of the efforts underway at the refinery supports this optimism.
In an interview with oil and gas expert Zakka Bala, it was highlighted that the future of Nigeria’s energy security depends significantly on the successful revitalization of key government-owned refineries, including those in Port Harcourt, Warri, and Kaduna.
Bala pointed out that while the Dangote Refinery operates as a profit-driven private entity, the government-owned refineries are intended to serve the public’s needs.
Bala expressed concern that private refineries, which are focused on maximizing profits, might undermine the success of national refineries if they begin receiving crude allocations from them.
He stressed the need for the government to ensure that these national refineries are allowed to thrive and serve the public interest.
This development follows an earlier projection by Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), who had anticipated that the Port Harcourt Refinery would begin operations in August 2024.
The NNPCL had previously set March and July 2024 as tentative dates for the refinery’s operational launch, following its mechanical completion in December of the previous year.
The refinery’s turnaround maintenance, which began in 2021, involved a significant investment of $1.5 billion.
This substantial expenditure has recently attracted scrutiny, with Opeyemi Bamidele, Chairman of the Senate Committee investigating alleged economic sabotage in the Nigerian Petroleum Industry, calling for an investigation into the use of these funds.
Overall, the successful commencement of the Port Harcourt Refinery’s operations is seen as a pivotal moment for Nigeria’s energy sector, potentially bringing an end to persistent fuel shortages and strengthening national energy security.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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