African Refinery Group (ARG), the LOT1 concessionaire, has commenced the rehabilitation of the Bonny Export Terminal (BET), a crucial oil facility located within the Port Harcourt refinery.
According to a statement released over the weekend by ARG’s Executive Director of Subsidiaries, Mr. Omotayo Adebajo, this marks the second major downstream facility the company is revamping under its 17-year concession agreement with NNPC Ltd., signed on July 9, 2024.
The Bonny Export Terminal, which includes onshore facilities, an offshore export platform, and an interconnecting pipeline system, was commissioned 24 years ago but has never been operational. ARG aims to restore and expand its capacity, aligning with the broader goals of enhancing crude oil import and export operations at the Port Harcourt refinery.
This project follows ARG’s successful revamp of the Port Harcourt Refinery’s loading terminal, which was completed ahead of the resumption of crude oil processing on November 26, 2024. The company emphasized that the BET rehabilitation fulfills its contractual obligations to NNPC Ltd., ensuring:
Increased crude oil import and export capacity
Additional revenue streams for NNPC Ltd.
Prevention of economic losses due to underutilized assets
ARG is one of four companies granted concessions under a Public-Private Partnership (PPP) with NNPC Ltd. to manage its downstream supply and distribution facilities, including the BET.
The company credited the milestone to the visionary leadership of President Bola Tinubu’s administration and the strategic direction of NNPC Ltd. It also acknowledged the support from key NNPC subsidiaries, including:
- Port Harcourt Refinery
- Nigerian Pipelines and Storage Company Limited (NPSC)
- NNPC Exploration and Production Limited (NEPL)
With this rehabilitation project, ARG is set to bolster Nigeria’s energy infrastructure, unlock new economic opportunities, and reinforce NNPC Ltd.’s commitment to optimizing its assets. The revamp of BET is expected to play a key role in strengthening Nigeria’s oil and gas export capabilities in the coming years.
