The Power Safety Coalition (ESC) has urged petroleum sector stakeholders to encourage “new entrants” into the oil and gasoline refining enterprise for the advantage of Nigerians.
The Coalition’s convener, Barrister Frank Tietie, in a press assertion on Thursday, emphasised that extra native refineries ought to be allowed to begin operations with a view to attain “vitality safety in Nigeria.”
Tietie acknowledged the graduation of operations on the Outdated Port Harcourt Refinery, which is reportedly performing at almost 70% of its put in capability.
The Coalition’s response follows Tuesday’s announcement by the Nigerian Nationwide Petroleum Company Restricted (NNPCL) that the “Port Harcourt Refinery formally commenced crude oil processing,” signaling a brand new period of vitality independence and financial progress for Nigeria.
Demand for New Entrants
- Tietie expressed hope that different refineries, which have been inactive for years, will observe the identical path of revival demonstrated by the Port Harcourt Refinery.
- He defined that including one other useful refinery is a constructive step in the direction of selling competitors, which is able to in the end result in decreased costs for petroleum merchandise in the long term.
- He known as on related regulatory our bodies to encourage the operation of recent entrants by means of the event and enactment of “liberal insurance policies” that may promote funding within the oil and gasoline sector.
“We firmly consider that not solely is Nigeria’s vitality safety attainable, however we can even quickly start exporting refined petroleum merchandise to different elements of Africa and the world.
“For this to occur, it’s essential for all stakeholders within the petroleum sector to collaborate in growing liberal insurance policies that encourage new entrants into the refining enterprise and improve investments within the sector for the advantage of all Nigerians,” he said.
The ESC emphasised the significance of guaranteeing that there isn’t any monopoly within the provision of petroleum merchandise in Nigeria.
The Coalition congratulated President Bola Ahmed Tinubu, related stakeholders, and Nigerians on the relaunch of the Port Harcourt Refinery.
Extra Insights
President Bola Tinubu counseled the Nigerian Nationwide Petroleum Company Restricted (NNPCL) for efficiently reviving the Port Harcourt Refinery, which commenced petroleum product loading on November 26, 2024.
- Tinubu additionally urged the NNPCL to expedite the scheduled reactivation of the second Port Harcourt Refinery, in addition to the Warri and Kaduna refineries.
- In the meantime, the difficulty of “mixing” has been a considerable level of dialogue concerning the reportedly revamped Port Harcourt Refinery.
Nonetheless, Olufemi Soneye, Chief Company Communications Officer and NNPCL spokesperson maintains that mixing is commonplace apply globally.
- For the sake of clarification, he additionally disclosed that the refinery is producing the next day by day outputs:
- Straight-Run Gasoline (Naphtha): Blended into 1.4 million liters of Premium Motor Spirit (PMS or petrol)
- Kerosene: 900,000 liters
- Automotive Gasoline Oil (AGO or Diesel): 1.5 million liters
- Low Pour Gas Oil (LPFO): 2.1 million liters
- Liquefied Petroleum Gasoline (LPG): Further volumes
Soneye urged Nigerians to help efforts aimed toward delivering extra dividends to the nation.
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