NNPC moves to select financiers for refineries maintenance

The Nigerian National Petroleum Corporation (NNPC) will this month complete the process of selecting financiers for the Port Harcourt Refining Company Limited (PHRC), Warri Refining and Petrochemical Company Limited (WRPC) and the Kaduna Refining and Petrochemical Company Limited. The Group Managing Director, NNPC, Dr. Maikanti Baru disclosed this while briefing members of staff of the corporation on the fuel supply situation in the country during a town hall meeting Tuesday in Abuja, yesterday. Dr. Baru said agreements on the potential financiers for the refineries were being fine-tuned, following which the endorsement of the NNPC Board would be this month. “We are pushing towards the final selection of our financiers and we expect that when that is done, we’ll get the agreements and present them to our board, meeting  this month to secure their endorsement and once we have the funding, we would start the rehabilitation of the refineries towards a 90 per cent capacity utilization per stream day before the end of 2019,” Dr. Baru affirmed. He described the procedure for electing the financiers as painstaking, noting, however, that it was necessary to enable a desired closure on the subject. Dr. Baru said the corporation was also encouraging new refining capacities to come on board, adding that there were two consortia that have indicated interest to co-locate refineries in Warri and Port Harcourt. He said NNPC would provide whatever utility services the companies might require, such as power, processed steam, water and land, stressing that the corporation has agreed in broad terms on areas of collaboration to fast track the development. “Am happy to inform you that progress have been made, up to the level of an acceptable detailed engineering design and we are in the process of mobilizing some of the refineries already identified for installation in Nigeria,” the GMD said. He said the Kaduna State Government was also championing a proposal to co-locate another refinery close to the KRPC with the intent of sourcing Nigerien crude for its operations. Dr. Baru stated that other Greenfield refineries were to be brought on board soon in Kano and Kaduna, stressing while on board, they would source their crude from Niger Republic. He said the designs for the proposed refineries in Kano and Kaduna were ready, saying their construction would commence this year.

Credits/Sources: www.vanguardngr.com