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.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.
They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.
“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
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