News

IPMAN Confirms August Deadline for Port Harcourt Refinery as Achievable

Published by admin on August 9th, 2024.

IPMAN Confirms August Deadline for Port Harcourt Refinery as Achievable

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has endorsed the August deadline for the Port Harcourt refinery’s operational launch, deeming it feasible.

In an interview with Channels TV, Zarama Mustapha, IPMAN’s national operations controller, expressed confidence that the refinery will meet the new deadline and start producing necessary petroleum products.

The Port Harcourt refinery has been inactive despite the Federal Executive Council’s 2021 approval of $1.5 billion for its rehabilitation. Although Nigerian National Petroleum Company (NNPC) Limited had previously promised timely completion, the refinery has not yet resumed operations.

Mele Kyari, NNPC’s group chief executive officer, had initially projected a March start-up, but this was not realized. A revised timeline now aims for an early August launch.

Mustapha indicated that he is optimistic about the refinery’s readiness to meet the new schedule. “I believe the August deadline is achievable,” he said. “Once operational, the refinery is expected to produce all the necessary petroleum products, including around 10 to 12 million liters of premium motor spirit (PMS) daily, given its 60,000-barrel capacity.”

He also suggested that the refinery’s operation could help lower petrol prices, although this will be influenced by international crude oil prices. Mustapha noted that the NNPC will need to manage the $1.5 billion loan secured for the project and emphasized that the refinery would operate independently rather than as a traditional government entity.

Mustapha anticipates that the refinery’s start-up will increase daily petrol supply by 11 to 15 million liters, improving overall market availability.