Yemisi Izuora
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has commended the Group Chief Executive Officer, Engr. Bayo Ojulari, of the Nigerian National Petroleum Corporation Limited (NNPCL) for initiating the process of reviving the Port Harcourt Refinery through an assessment of the plant for a potential private firm under the Technical and Equity (T&E) partnership model.
The assessment contract awarded to UOP, a renowned international firm, demonstrates a commitment to making the refinery functional.
The PETROAN expressed appreciation for the decision to engage a technical partner to assess the plant’s condition, enabling informed decision-making by potential investors.
According to the marketers the development marks a significant step towards restoring the refinery’s operational functionality. Notably, the T&E model has proven effective at the Nigerian Liquefied Natural Gas (NLNG) Bonny facility, and we strongly support its adoption for the Port Harcourt Refinery, trusting that it will bring operational effectiveness and efficiency.
The National President of PETROAN, Dr Billy Gillis-Harry, said the operationalisation of the refinery will serve as a price check mechanism, providing
a vital safeguard against any form of monopoly in Nigeria’s downstream sector.
“We believe this will yield necessary benefits to stakeholders, host communities, retailers, and consumers by promoting competitive pricing and preventing unfair market practices.” he said.
Dr. Harry also expressed appreciation to President Bola Ahmed Tinubu for his
leadership and vision in driving initiatives that will boost the nation’s economy and
enhance energy security.
“We also thank him for his commitment to infrastructure
development, particularly the ongoing efforts to fix the Eleme Express Road, a critical route for trucks conveying petroleum products from the refinery.
“We advocate that the refinery revival process be transparent, expedited, and devoid of political interference.
“Furthermore, we urge that reputable foreign companies be given fair consideration in the partnership process.
“We look forward to the successful completion of this initiative and believe it will boost the local economy and enhance petroleum product availability.” he added.