The Nigerian National Petroleum Corporation (NNPC) has said that the recently re-opened Port Harcourt and Warri refineries are now producing a combined seven million litres of Premium Motor Spirit, PMS, also known as petrol daily.
This announcement was made known by the Minister of State for Petroleum Resources and Group Managing Director of the NNPC, Dr. Ibe Kachikwu, during the re-commissioning of the Bonny-Port Harcourt Refinery crude pipeline.
Speaking on Sunday, the NNPC Boss said that the PHRC now produces five million litres of Premium Motor Spirit, even as the WRPC produces two million litres of the product daily.
Kachikwu said, “Port Harcourt is back in production; Warri is back in production; Kaduna, as of today, is receiving crude and will soon be back in production. Lagos is easing off now from fuel scarcity and Abuja is doing the same thing; and once Kaduna begins production, the North will see a lot of improvement.”
“What we have done is to find a very creative way of bringing investors who will come in, work with our team here who have the skills, reactivate and upgrade facilities in these refineries.
“The investors will also help us to provide technical support and they will be paid through the flow out of refined products over a period of time, which is why we have also changed the refining model such that the refineries pay for their crude, so it goes into the Federation Account.”
According to him, oil products would be sold to both the Nigerian Petroleum Marketing Company and the marketers.
Kachikwu also stressed that the government would not sell the refineries against claims in some quarters.
“We are not inviting foreign partners to take over the refineries; we do not have the funds. Even now that they are working, they are probably working at about 60 per cent or below capacity; so, you need to upgrade these refineries and get them to a level where they will operate at 90 per cent capacity or more,” the minister said.