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Home Economy

NNPC Sets Timeline to End Petrol Imports as Dangote, Another Refinery Commences Production

Akpan Edidong by Akpan Edidong
February 28, 2024
in Economy, Markets
Reading Time: 2 mins read
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NNPC CEO: NNPC Utilizes Official Forex Rate, Fuel Price Unaffected by Exchange Rate Changes
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The Nigerian National Petroleum Company Limited (NNPCL) has unveiled ambitious plans to eradicate Nigeria’s energy scarcity within the next decade. This revelation coincides with significant progress made by two major refineries in the country, Dangote and the Port Harcourt refinery, in commencing the production of Premium Motor Spirit (PMS), commonly known as petrol.

Mele Kyari, the group chief executive officer of NNPCL, outlined the timeline for ending petrol imports. He emphasized the corporation’s collaboration with stakeholders in the energy sector to address Nigeria’s acute energy deficit.

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Last week, Minister of State for Labour and Employment, Nkeriuka Onyejeocha, disclosed that the Port Harcourt refinery, which is nearing completion, stands at approximately 80% readiness. The refinery is poised to churn out approximately 10 million litres of petrol daily. Earlier reports indicated that the refinery received 475,000 barrels of crude oil from Shell Petroleum Development Company Limited, marking a significant milestone after years of dormancy necessitated by the plant’s rehabilitation and testing.

Shell Petroleum lauded the successful crude oil supply, attributing it to meticulous preparations and collaborative efforts between the Bonny Oil and Gas Terminal (BOGT) and Port Harcourt Refinery Company teams. Key activities, including pressure and leak testing, were carried out to ensure pipeline integrity by subsidiaries of the Nigerian National Petroleum Company (NNPL).

Speaking at the opening ceremony of the 7th edition of the Nigerian International Energy Summit in Abuja on Thursday, February 27, 2024, Mele Kyari expressed NNPC’s commitment to closing the energy deficit gap and fostering prosperity for Nigerians. He affirmed that Nigeria’s energy challenges would be resolved within the next decade, underscoring NNPC’s pivotal role as the primary partner to all oil-producing firms in the country.

Kyari also highlighted NNPC’s proactive measures, including investments in the proposed African Energy Bank, aimed at securing sustainable funding for energy projects across Africa to ensure energy security.

Furthermore, NNPC revealed the construction of a 150 million litre storage facility for the Port Harcourt Refining Company at the Atlas Cove Jetty in Lagos State. This facility plays a crucial role in receiving and distributing petroleum products to the western region of Nigeria, reinforcing NNPC’s commitment to enhancing energy infrastructure.

As Dangote and the Port Harcourt refinery gear up for production, Nigeria inches closer to achieving self-sufficiency in petrol production, marking a significant milestone in the nation’s energy landscape. With concerted efforts from industry stakeholders and robust investments in energy infrastructure, Nigeria is poised to overcome its longstanding energy challenges and usher in an era of energy abundance and prosperity for its citizens.

Source: [Legit.ng](https://www.legit.ng/business-economy/energy/1581085-nnpc-puts-timeline-petrol-import-dangote-refinery-begins-production/)

Tags: #NigeriaDangote RefineryEnergy ScarcityMele KyariNNPCPetrol ImportPort Harcourt Refinery
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