Home Business Port Harcourt, Kaduna, Other Refineries To Be Completely Privatised — Presidency
Business

Port Harcourt, Kaduna, Other Refineries To Be Completely Privatised — Presidency

Share
Port Harcourt, Kaduna, Other Refineries To Be Completely Privatised — Presidency | Daily Report Nigeria
Share

The federal government is planning to fully privatise all the country’s oil refineries.

This is according to President Bola Tinubu’s spokesman, Sunday Dare.

Dare, who is Tinubu’s Special Adviser on Media and Public Communications, disclosed this in a reforms tracker posted on his X handle.

The tracker highlights the key milestones achieved by Tinubu’s administration in the oil sector.

He said the production of local oil refineries would peak with the coming on stage of Dangote and other modular refineries.

“Full privatisation of Port Harcourt, Warri, Kaduna refining in the works. Local oil refining and production to peak steadily with Dangote and modular refineries active. With full local refining capacity gradually being met, days of fuel queues to end,” Dare wrote.

Nigeria has four major refineries, two of which are in the Port Harcourt area of Rivers State, which combine to form the Port Harcourt Refining Company, PHRC. These two refineries have an installation capacity of 210,000 barrels per day, bpd.

READ ALSO: Kaduna Refinery to Resume 60% Production by Year-End

The Warri Refining and Petrochemical Company Limited (WRPC) has an installed capacity of 125,000 bpd, while the Kaduna Refining and Petrochemical Company Limited (KRPC) has an installed capacity of 110,000 bpd.

All the refineries have a combined installed capacity of 445,000 barrels per day.

Despite these installed capacities, the refineries have been moribund for years and they have performed below optimal levels.

The Nigerian government has expended huge resources for their rehabilitation.

 

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
CBN Reacts to Naira Devaluation
Business

US Import Tariffs Trigger Global Market Adjustments, Crude Oil Price Decline

The US government’s announcement of new import tariffs has triggered a period...

FG Reacts to Trump's 14% Tariff on Nigerian Exports | Daily Report Nigeria
BusinessNews

FG Reacts to Trump’s 14% Tariff on Nigerian Exports

The Federal Government of Nigeria has acknowledged the recent imposition of a...

World Bank Blacklists 18 Nigerian Firms, Individuals for Corrupt Practices | Daily Report Nigeria
Business

World Bank Clarifies $10.50m Funding to CBN as Grant, Not Loan

The World Bank has clarified that the $10.50 million funding for the...

Nigeria Spends N11.8bn on Apple Imports as Fruit Prices Soar | Daily Report Nigeria
Business

Nigeria Spends N11.8bn on Apple Imports as Fruit Prices Soar

Nigeria imported N11.8 billion worth of apples in the last quarter of...