The Nigerian National Petroleum Corporation Limited (NNPCL) has announced plans to cease the importation of refined petroleum products by December 2024, indicating that all the country’s refineries will be operational by that time.
The Group Chief Officer of the NNPCL, Mele Kyari, revealed this during a meeting with the Speaker of the House of Representatives, Tajudeen Abbas.
Kyari assured that the rehabilitation of the Port Harcourt Refining Company, under NNPCL’s management, would be completed by December this year.
He further projected that by the end of 2023, the national oil firm’s revenue would grow to N4.5 trillion, emphasizing the commitment to returning value to shareholders in line with the Petroleum Industry Act.
Oil marketers also affirmed the readiness of the Port Harcourt refinery, predicting that its operations, set to commence in January 2024, would lead to a significant drop in refined petroleum product prices.
Kyari stated, “I am very optimistic that this will crystallize,” referring to Nigeria becoming a net exporter of petroleum products by the end of 2024.
He pledged the commencement of the Port Harcourt refinery by the end of December 2023, with the Warri refinery starting early in the first quarter of 2024 and the Kaduna refinery operational by the end of 2024.
The President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, confirmed the refinery’s readiness and stated that the facility was on course for production.
Gillis-Harry emphasized that once the Port Harcourt refinery is operational, the cost of Premium Motor Spirit (PMS) would decrease due to the removal of various input costs related to importation, ports, and shipping.
In response to concerns about the refinery project, the Chief Corporate Communications Officer, NNPCL, Olufemi Soneye, affirmed that the Port Harcourt refinery project was proceeding as planned without any issues, and the scheduled delivery date remained unchanged.
