In a bid to further boost local refining capacity, the Nigerian National Petroleum Company Limited (NNPC Ltd) has signed a deal with the African Refinery for a share subscription at the Port Harcourt Refinery.
According to a statement on Thursday, the agreement will see the co-location of a 100,000 barrels-per-day refinery within the Port Harcourt refinery complex.
Persecondnews reports that African Refinery Port Harcourt Limited is a special purpose vehicle (SPV) incorporated as the legal entity and the bid winner for the Port Harcourt collocation project.
The statement reads: “NNPC Ltd.’s move to boost local refining capacity witnessed a boost today with the signing of a share subscription agreement between NNPC Limited and African Refinery Port Harcourt Limited for the co-location of a 100,000-bpd capacity refinery within the PHRC complex.
“The signing of the agreement is a significant step towards setting in motion the process of building a new refinery, which, when fully operational, will supply PMS, AGO, ATK, LPG, and other petroleum products to the local and international markets and provide employment opportunities for Nigerians.”
The NNPC Ltd had completed the mechanical phase of the turnaround maintenance at the Port Harcourt refinery on December 21, 2023.
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