NNPC completes first phase of PH refinery repair

The initial phase of the turnaround rehabilitation of the Port Harcourt Refinery has been completed.

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, revealed at a Town Hall meeting on Tuesday.

Kyari noted that the successful completion of the initial phase of the repairs was one of the achievements of his team since he assumed office, adding that his other achievements include the saving of over $3 billion from arbitrations by the Legal Department of the Corporation.

Other achievements he mentioned include the re-opening of Oil Mining Lease (OML) 25 flow station.

On October 26, 2018, NNPC said that some of the financing companies it approached to revamp the country’s refineries have shown interest in Port Harcourt refinery.

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Mr Ndu Ughamadu, Group General Manager, Group Public Affairs Division, disclosed this in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja.

He said that a team of engineers from the corporation had gone abroad to source for financiers to ensure revamping of the major refineries in the country.

“About three financing companies have indicated interest but their names are yet to be made public but they have shown interest for Port Harcourt, Warri and Kaduna refineries

“ But they showed the most interest for the Port Harcourt refinery.

“Efforts are on, our team of engineers are abroad, seeking financing. What we want to do with refineries is to bring in financiers’ that will put in their money for rehabilitation instead of the NNPC.

“By doing that, they will source their funds from what we produce,’’ he said.

According to data from the Nigerian National Petroleum Corporation, NNPC, the Port Harcourt refinery, which did not process any crude oil in seven months, recorded the biggest loss of N59.96 billion in 2018, while Kaduna refinery, which was idle for 11 months, lost N31 billion, with Warri refinery recording a deficit of N41.71 billion.

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The data also showed that a total of N13.58 billion was lost in January; N8.05 billion in February; N11.88 billion in March; N20.08 billion in May; N14.51 billion in June; N10.45 billion in July; N10.79 billion in August; N6.97 billion in September, N9.32 billion in October, N9.58 billion in November and N17.31 billion in December.

The refineries however made a profit of N6.32bn in April 2018 for the first time in 10 months.