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.
The Federal Government trains 500 women and youths in food production and agriculture. The programme was started to support food security.
The Federal Ministry of Agriculture and Food Security partnered with the National Horticultural Research Institute (NIHORT).
The women and youths were taught tomato, okra and Telfairia production techniques. The government believes this will help boost agriculture, improve food production and strengthen the economy in Ogun State.
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
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