The federal government of Nigeria has approved $1.5bn for the rehabilitation of the Port Harcourt oil refinery. The project, with Italian contractor Tecnimont, will be completed in three phases. The state-owned Nigerian National Petroleum Corporation (NNPC) will take a minority stake in the refinery, but will gradually step away from operating Port Harcourt after the rehabilitation project, managing director Mele Kyari said in an interview with Channels TV. Nigeria has four government-owned refineries with a combined capacity of 445,000 barrels per day (bpd): one in Kaduna and three in the oil-rich Niger Delta region of Warri and Port Harcourt. The Port Harcourt complex consists of two plants with a combined capacity of 210,000 bpd. However, the refineries have only been operating at a fraction of their capacity for decades, thereby making Africa’s largest producer of crude dependent on the importation of refined petroleum products for 70-80% of domestic consumption.
SOURCE: AFRICAN BUSINESS
More Stories
MTN Hacked Just as it Launches Mobile Payments in Nigeria
Tanzania, like Many other African Countries, Wants to Stop Depending on Fertiliser from Russia
Equipping African and Africa-focused Startups with PR Tools
Zimbabwean Fishing Communities Fear for Future as Stocks Dwindle
South Africa Still Far from Fair Digital Migration
Pan African Parliament President Elected
Ethiopian Farmers Face a Double-edged Sword
Germany To Return Goddess Statue that was Stolen from Cameroon 120 Years Ago
Lumumba’s Family Closes a Painful Chapter
40 African Cities Feature on the 2021 Cost of Living City Ranking List
A Mangrove Project is the Star of Kenya’s Gazi Bay
Not Enough Females Operating in the African Venture Capital Space