In a significant move, the Nigerian National Petroleum Company Limited (NNPCL) has announced its intention to transfer the government-owned Port Harcourt Refining Company to private operators as the refinery comes back into operation.
The NNPCL aims to engage reputable and credible operations and maintenance companies for the refinery to enhance reliability and sustainability, meeting the nation’s fuel supply and energy security requirements.
The contract scope outlined by the NNPCL encompasses various refinery business processes, including long-term and short-term production/operations planning, production and operations execution, monitoring, reporting, and optimization of operations, maintenance execution, health and safety, environmental management, minor projects, and more.
Interested companies looking to take over the operations of the Port Harcourt Refinery must demonstrate a minimum average annual turnover of at least $2 billion USD for the financial years ending in 2019, 2020, 2021, and 2022 respectively.
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This development follows the Federal Government’s announcement on December 21, 2023, regarding the mechanical completion of rehabilitation work on the Area-5 Plant of the Port Harcourt Refining Company in Rivers State. The first phase of the plant is set to refine 60,000 barrels of crude oil daily after the Christmas break.
The Port Harcourt Refinery, operating since 1965, holds strategic importance in Nigeria’s oil-rich Niger Delta region. The decision to involve private operators aligns with the government’s efforts to modernize and optimize the refinery complex. In March 2021, a budget of GBP 1.08 billion ($1.5 billion) was approved for the renovation and modernization of the Port Harcourt Refinery complex, emphasizing the commitment to revitalizing key assets in the nation’s energy infrastructure.
