The old Port Harcourt Refinery has been rehabilitated to about 90 percent and could resume operations within a week, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said.
PENGASSAN President, Festus Osifo, disclosed this on Tuesday during an interview on Channels Television’s The Morning Brief, stressing that the refinery is technically ready to operate, with delays in reopening largely due to profitability concerns rather than mechanical issues.
“As of today, you can start the old Port Harcourt refinery, and it will function. You can put it on today, and it will function. However, NNPCL as a company is there to make a profit,” Osifo said, noting that operating costs versus product prices could result in financial losses.
He added that the facility has undergone significant upgrades, including replacements of compressors, control rooms, and panels, raising its asset value compared to its pre-rehabilitation state. Osifo’s comments come amid ongoing debate over the future of Nigeria’s state-owned refineries, following remarks by NNPC Ltd’s CEO, Bayo Ojulari, who described reopening the refinery as potentially wasteful.