Business News of Tuesday, 26 November 2024

Source: www.mynigeria.com

Jubilation as Port Harcourt refinery finally starts crude oil production

Crude oil Crude oil

Crude oil processing has commenced at Rivers State's Port Harcourt Refining Company (PHRC) Ltd.

According to the NNPC, the refinery is currently producing over 80,000 daily.

The chief corporate communications officer for the state-owned oil company, Femi Soneye, confirmed this information on his official X handle with a video of the refinery.

According to Soneye, truck loading will also begin on Tuesday, November 26th 2024.

The refinery, located at Alesa Eleme in Port Harcourt, has an installed capacity of 150,000 barrels per day but according to the NNPC, is producing about 90,000 barrels per day at the moment, with plans to ramp up production in the coming months.

Soneye stated: “Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing.

"This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation.

“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”

Recall that two months after the September 2024 deadline given by the Nigerian National Petroleum Company Limited (NNPC) for the completion of the Port Harcourt Refinery, the company has explained why it could not deliver the stated date.

Olufemi Soneye, NNPC's chief corporate communications officer, said the company encountered risks and challenges during rehabilitation.

Soneye disclosed that the state oil firm began commissioning critical equipment and processing units after the mechanical completion.