The Energy Security Coalition (ESC) has urged petroleum sector stakeholders to encourage “new entrants” into the oil and gas refining business for the benefit of Nigerians.
The Coalition’s convener, Barrister Frank Tietie, in a press statement on Thursday, emphasized that more local refineries should be allowed to commence operations in order to attain “energy security in Nigeria.”
Tietie acknowledged the commencement of operations at the Old Port Harcourt Refinery, which is reportedly functioning at nearly 70% of its installed capacity.
The Coalition’s response follows Tuesday’s announcement by the Nigerian National Petroleum Corporation Limited (NNPCL) that the “Port Harcourt Refinery officially commenced crude oil processing,” signaling a new era of energy independence and economic growth for Nigeria.
Demand for New Entrants
- Tietie expressed hope that other refineries, which have been inactive for years, will follow the same path of revival demonstrated by the Port Harcourt Refinery.
- He explained that adding another functional refinery is a constructive step towards promoting competition, which will ultimately lead to reduced prices for petroleum products in the long run.
- He called on relevant regulatory bodies to encourage the operation of new entrants through the development and enactment of “liberal policies” that will promote investment in the oil and gas sector.
“We firmly believe that not only is Nigeria’s energy security attainable, but we will also soon begin exporting refined petroleum products to other parts of Africa and the world.
“For this to happen, it is crucial for all stakeholders in the petroleum sector to collaborate in developing liberal policies that encourage new entrants into the refining business and increase investments in the sector for the benefit of all Nigerians,” he stated.
The ESC emphasized the importance of ensuring that there is no monopoly in the provision of petroleum products in Nigeria.
The Coalition congratulated President Bola Ahmed Tinubu, relevant stakeholders, and Nigerians on the relaunch of the Port Harcourt Refinery.
More Insights
President Bola Tinubu commended the Nigerian National Petroleum Corporation Limited (NNPCL) for successfully reviving the Port Harcourt Refinery, which commenced petroleum product loading on November 26, 2024.
- Tinubu also urged the NNPCL to expedite the scheduled reactivation of the second Port Harcourt Refinery, as well as the Warri and Kaduna refineries.
- Meanwhile, the issue of “blending” has been a substantial point of discussion regarding the reportedly revamped Port Harcourt Refinery.
However, Olufemi Soneye, Chief Corporate Communications Officer and NNPCL spokesperson maintains that blending is standard practice globally.
- For the sake of clarification, he also disclosed that the refinery is producing the following daily outputs:
- Straight-Run Gasoline (Naphtha): Blended into 1.4 million liters of Premium Motor Spirit (PMS or petrol)
- Kerosene: 900,000 liters
- Automotive Gas Oil (AGO or Diesel): 1.5 million liters
- Low Pour Fuel Oil (LPFO): 2.1 million liters
- Liquefied Petroleum Gas (LPG): Additional volumes
Soneye urged Nigerians to support efforts aimed at delivering more dividends to the nation.
SOURCE: NAIRAMETRICS
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