NNPC, PETROAN Push for Technical and Equity Partnership to Revive Port Harcourt Refinery
Oil marketers under the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have called on the Federal Government to consider reputable foreign companies as technical and equity partners in reviving the Port Harcourt Refinery. The move aims to enhance operational efficiency and attract investment while ensuring transparency in the management of the refinery.
In a press statement, PETROAN commended the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, for initiating the process that could see a private firm manage the refinery under the Technical and Equity (T&E) partnership model. The association highlighted the recent awarding of an assessment contract to UOP, a globally recognized firm, as a crucial step toward informed decision-making and the eventual revival of refinery operations.
PETROAN emphasized that the T&E model has proven successful in other sectors, citing the Nigerian Liquefied Natural Gas (NLNG) Bonny project as an example. “The operationalization of the Port Harcourt Refinery will serve as a price check mechanism, protecting the downstream sector from monopolistic practices while promoting competitive pricing,” said Dr. Billy Gillis-Harry, PETROAN’s National President.
The association also expressed appreciation to President Bola Ahmed Tinubu for his leadership and ongoing infrastructure projects, including the repair of Eleme Express Road, a critical artery for petroleum product distribution. Dr. Gillis-Harry stressed the importance of a transparent and expedited revival process, free from political interference, and urged that credible international partners be given fair consideration in the partnership process.
In a related development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) previously expressed concern over delays in rehabilitating the refinery, a $1.5 billion project. The prolonged shutdown has impacted thousands of workers, including tanker drivers, PETROAN staff, and host community members, underscoring the urgent need to restore the refinery to full capacity.
source: nairametrics