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Crude oil refining in PH refinery ‘ll reduce pump price – NOGASA

The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) claims that the Port Harcourt Refinery Company’s supply of crude oil for refining will lower pump prices.

Mr. Benneth Korie, the association’s National President, told reporters in Abuja on Monday that the refinery would begin refining crude oil before the end of 2022.

He said that Chief Timipre Sylva, the Minister of State for Petroleum Resources, assured him that the PHRC refinery would soon start refining crude oil.

According to the Nigerian News Agency (NAN), the Nigerian National Petroleum Company Limited (NNPC Ltd) began restoring the PHRC refinery in May 2021.

The rehabilitation project, which was being carried out by an Italian company called Tecnimont SPA over the course of three phases lasting 18, 24, and 44 months, had received funding in the amount of $1.5 billion from the Federal Executive Council (FEC).

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Two refineries are run by the PHRC; the former refinery, which had a capacity of 60,000 barrels per stream day (bpsd), and the new refinery, which had a capacity of 150,000 bpsd when it was installed.

He stated that as a result, the PHRC refineries now have a combined crude processing capacity of 210,000bpsd.

He said that as a result of this development, the cost of petroleum products would go down. He also said that the refinery had been in maintenance and would start producing once it started working.

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“In any case, we have confirmations from the Pastor of Petrol Assets that the PHRC treatment facility will begin working this December, most certainly among now and end of January 2023.

“Due to the serious work that has been going on there, other refineries, including Warri and Kaduna, will come up after Port Harcourt.

“Then, at that point, you will see that costs of oil based commodities will go down all alone on the grounds that there is a distinction between importation of items and stacking from our processing plants,” he said.

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When it opened, the refinery, according to him, would mix products such as DPK, Jet A1, Automative Gas Oil (AGO), Premium Motor Spirit (PMS), and others.

The president of NOGASA complained about product distribution delays and costs caused by loading from the depot. He also said that once the refineries started working, trucks would load directly from the depot instead of importing petroleum.

“Formerly; He stated, “Marketers and transporters are suffering and sacrificing a lot in the bid to distribute products. Trucks used to load from refineries. Now, paid vessels spend between 10 and 14 days to load product from depots. NAN)

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