By Abubakar Yunusa
The Nigerian National Petroleum Company (NNPC) Limited says it signed a deal with the African Refinery for a share subscription at Port Harcourt refinery.
The African Refinery Port Harcourt Limited is a special purpose vehicle (SPV) incorporated as the legal entity and the bid winner for the Port Harcourt collocation project.
According to a statement on Thursday, the agreement will see the co-location of a 100,000 barrels-per-day refinery within the Port Harcourt refinery complex.
“NNPC Ltd.’s move to boost local refining capacity witnessed a boost today with the signing of share subscription agreement between NNPC Limited and African Refinery Port Harcourt Limited for the co-location of a 100,000bpd capacity refinery within the PHRC complex,” the statement reads.
“The signing of the agreement is a significant step towards setting in motion the process of building a new refinery which, when fully operational, will supply PMS, AGO, ATK, LPG, and other petroleum products to the local and international markets and provide employment opportunities for Nigerians.”
The NNPC had completed the mechanical phase of the turnaround maintenance at the Port Harcourt refinery on December 21, 2023.
Mele Kyari, group chief executive officer (GCEO) of the NNPC, on March 15, had said the refinery would begin production by the end of March.
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