MARKET NEWS

By Ogaga Ariemu

There are indications that the state-owned Port Harcourt Refinery has stopped operation again less than a month after its rehabilitation.

A member of Petroleum Tanker Drivers, PTD, who preferred anonymity, disclosed this to DAILY POST on Saturday upon inquiry.

He confirmed that the lifting of petrol has stopped in the plant as of 13 December, 2024.

He, however, stated that there is hope that the production would recommence by Monday, 23 December, 2024.

“I can confirm to you that there has been no petrol lifting activity at the plant since last week, 13th December.

“Tanker drivers are at the 18-arm loading bay of the new Port Harcourt refinery waiting until Monday. Maybe petrol lifting will recommence,” he told DAILY POST.

DAILY POST earlier contacted the spokesperson of the Nigerian National Petroleum Company Limited, Olufemi Soneye, Saturday morning on the development, but he did not immediately respond to the inquiry.

NNPC, on 26 November, announced that petrol lifting has commenced at the Port Harcourt refinery after it gulped $1.5 billion, which was approved in 2021 for its rehabilitation.

The development was greeted with both optimism and pessimism.

NNPC had announced that over 200 trucks loaded petrol from the facility.

However, contrary claims emerged that only 10 trucks lifted petrol on the inauguration day.

There were claims also that the petrol products lifted on the inauguration day were old stocks.

It’s fully operational — NNPC speaks on shutdown of Port Harcourt Refinery

Meanwhile, reacting later to the report of the plant being shut down, Soneye, in a statement, reiterated that ‘Port Harcourt Refinery is fully operational.’.

“The attention of the Nigerian National Petroleum Company Limited, NNPC Ltd has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

“We wish to clarify that such reports are totally false, as the refinery is fully operational, as verified a few days ago by former Group Managing Directors of NNPC.

“Preparation for the day’s loading operation is currently ongoing.

“Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip off Nigerians,” Soneye stated.