The Nigeria National Petroleum Company (NNPC) has opened doors for private companies to bid for operation and management of Port Harcourt oil refinery, currently undergoing upgrade and facelift, with expectation to begin production by first quarter of 2024.
From the facility, NNPC would be able to process 60,000 barrels per day (bpd)once it commences operation, and produce 210,000 bpd when it gains full capacity before the year runs out.
Through a release on Monday from the NNPC, the regulatory body said that its refinery in Port Harcourt would be handed over to a reputable company that meet its criteria and that the aim was to ensure that the nation’s daily fuel supply and energy needs were been met.
It said: “We wanted to engage reputable and credible operations firms “to operate and maintain one of its refineries, Port Harcourt Refining Company, to ensure reliability and sustainability towards meeting the nation’s fuel supply and energy security obligations”.
“Prospective operators should have a turnover of at least $2 billion since 2019, with evidence of their latest credit rating and experience in running refineries”.
It would be recalled that President Bola Tinubu announced few weeks after removing fuel subsidy that refinary in Port Hercourt would come into full operation by end of 2023 and that he would ensure that water in been turned into whine, by ensuirng that abandoned oil facilities were been upgrade and put into good use for betterment of the nation’s economy.