Zarma Mustapha, Deputy President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has reassured the public that the Port Harcourt Refinery is poised to meet its long-awaited deadline for a full-scale operation this August. This announcement comes after years of delays and setbacks that have plagued the refinery’s refurbishment and upgrade.....CONTINUE READING THE ARTICLE FROM THE SOURCE
Mustapha’s statement, delivered on Channels Television’s Sunrise Daily, is a beacon of hope for a nation eagerly awaiting the refinery’s contribution to Nigeria’s fuel supply. He confidently stated, “I am optimistic that the August deadline will be met. The refinery will soon be fully operational, producing all the essential components it is designed to produce. With a capacity of 60,000 barrels per day, it will be able to deliver between 10 and 12 million liters of petrol daily.” The Port Harcourt Refinery has been a focal point of Nigeria’s energy strategy, with its completion seen as a critical step towards reducing the country’s dependence on imported fuel.
The refinery, originally scheduled for completion in 2019, has faced numerous obstacles including political disagreements, funding issues, and technical difficulties. However, Mustapha’s assurance indicates that these challenges are being effectively addressed. In the interview, Mustapha also touched on the financial aspects of the project, revealing that a $1.5 billion loan was secured to finance the refurbishment. “The loan, sourced from an African financial institution, will be repaid through the refinery’s operations,” he explained. The hefty investment underscores the commitment to ensuring the refinery’s successful launch and operation. The impact of the refinery’s operations on petrol prices is a subject of much interest. Mustapha indicated that while the refinery’s output could potentially lead to lower fuel prices, the final effect will depend on the international cost of crude oil and the refinery’s pricing strategy.
“The price of petrol will also be influenced by the cost of crude oil and how the refinery prices its products,” he noted.
This development comes amidst ongoing scrutiny of the refinery’s progress. In recent months, the Nigerian Senate has been probing the $1.5 billion spent on the refinery’s rehabilitation, highlighting the need for transparency and accountability in the management of such a significant project.
Despite the scrutiny and the history of delays, Mustapha’s optimism reflects a broader sense of cautious hope within the energy sector.
The successful commissioning of the refinery could mark a turning point for Nigeria’s energy independence and economic stability.
As the August deadline approaches, all eyes will be on the Port Harcourt Refinery. The anticipated launch promises not only to enhance Nigeria’s petrol supply but also to provide a much-needed boost to the country’s energy infrastructure, paving the way for a more self-reliant future.
The coming weeks will be crucial as stakeholders finalize preparations and ensure that the refinery meets its operational targets. For now, the promise of a fully functional refinery is a hopeful development in Nigeria’s ongoing quest for energy stability.
