The Port Harcourt refinery, operated by the Nigerian National Petroleum Corporation Limited (NNPCL), is poised to conclude its test runs by the end of this month, according to statements from NNPCL spokesperson Femi Soneye. The ongoing testing phase marks a crucial step towards resuming full-scale operations, following the mechanical completion of rehabilitation work on the Area-5 Plant announced by the state-owned oil company in December.
Soneye highlighted the significance of these test runs, emphasizing their role in ensuring the refinery’s efficient and reliable operation. The facility, which has been idle for five years, is expected to start refining 60,000 barrels of crude oil daily after the Christmas break, as indicated by the completion of the first phase.
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The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, confirmed the completion of the first phase on December 20, 2023, expressing optimism that refined product production would commence post-Yuletide.
NNPCL has reassured Nigerians that there are no plans to hike fuel prices, providing a positive outlook for consumers. The potential reactivation of the Port Harcourt refinery, coupled with the impending commencement of operations at the Dangote Refinery later this year, is anticipated to alleviate pressure on Nigeria’s foreign exchange reserves.
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While expectations for a reduction in the cost of refined products are high, experts and downstream operators caution against anticipating a massive price crash. The combined impact of these refineries coming online is expected to contribute positively to Nigeria’s economic landscape, aligning with broader efforts to enhance self-sufficiency in the oil and gas sector.
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