The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) says the old Port Harcourt Refinery is 90% rehabilitated and can resume operations within a week if approved by the Nigerian National Petroleum Company Limited (NNPC Ltd).
PENGASSAN President Festus Osifo stated that the refinery is technically ready, but the delay is due to profitability considerations.
Osifo explained that operating the refinery could result in financial losses, citing crude oil costs and product pricing.
However, he maintained that funds spent on rehabilitation were not wasted, highlighting significant upgrades to critical components.
The NNPC Ltd’s Group Chief Executive Officer, Bayo Ojulari, had previously expressed concerns that reopening the refinery might be a waste of resources.
The refinery’s asset value has improved, and PENGASSAN believes it can be operational soon.
