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Port-Harcourt Refinery Fully Operational

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Port-Harcourt Refinery Fully Operational
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PRESS RELEASE

Port-Harcourt Refinery Fully Operational

The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.

Preparation for the day’s loading operation is currently ongoing.

Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.

Olufemi Soneye
Chief Corporate Communications Officer
NNPC Ltd.
Abuja

21st December, 2024

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Business

Competition is affecting Dangote Refinery, Dangote is ready to sell on Credit to any marketer that can buy a truck and the marketer will get the second truck on credit.

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December 19, 2024

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Dangote Refinery faces competition from several sources, including: 

  • Fuel importers
    The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) continues to issue licenses for refined product imports, which can make it harder for Dangote to meet local demand. 

  • Marketers
    Marketers have different views on whether to pay Dangote in advance for petrol. Some say that advance payments can put financial pressure on marketers, especially those with limited capital. Others say that advance payments are necessary to ensure the refinery’s operations run smoothly. 

  • Legal disputes
    Oil marketers are in a legal dispute with Dangote over the refinery’s request to restrict import licenses. 

  • Direct purchasing
    Marketers can now purchase petrol directly from Dangote Refinery and other local refineries. This allows marketers to negotiate commercial terms directly with the refineries, which can create a more competitive market environment. 

The start of operations at the Dangote Petroleum Refinery and other refineries has increased transparency and market competition in West Africa. 

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Yuletide: Dangote Refinery slashes petrol price to N899.50

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December 19, 2024

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Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit to N899.50 per litre, in a bid to offer Nigerians some relief as the holiday season approaches.

The refinery had previously cut the price to N970 per litre on November 24.

The latest reduction aims to ease transportation costs during the festive period, a time when Nigerians often face increased travel expenses.

This was disclosed in a statement issued by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, on Thursday.

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Business

We Borrowed $1Billion To Support Dangote Refinery — NNPCL

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December 19, 2024

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We Borrowed $1Billion To Support Dangote Refinery — NNPCL
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We Borrowed $1Billion To Support Dangote Refinery — NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) has revealed that the federal government through the company took a loan of $1 billion to support the Dangote refinery project when it encountered some financial difficulties.

NNPC’s Head of Corporate Communications, Olufemi Soneye, made this revelation during his remarks at the Energy Relations Stakeholder Engagement in Abuja.

Highlighting the achievements of the apex national oil company under the leadership of Mallam Mele Kyari, Sonoye said, “Permit me to digress a bit.

Under the visionary leadership of Mele Kyari, NNPC Ltd has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.

The restart of the Port Harcourt Refinery marks a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.

NNPC has also championed the adoption of Compressed Natural Gas (CNG) as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs.

A strategic decision to secure a $1bn loan backed by NNPC’s crude was instrumental in supporting the Dangote Refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery. This initiative underscores NNPC’s dedication to fostering public-private partnerships that drive national development.

In a historic achievement, NNPC, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround. The company has already exceeded its profit projections for 2024, a testament to the transformative reforms he has implemented.

Additionally, Kyari facilitated the $3 billion Gazelle loan, a critical intervention that helped stabilise the federation during a challenging foreign exchange crisis.”

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