Tag: $1.5bn Port Harcourt refinery rehabilitation

‘Lie Detected,’ Reactions As Port Harcourt Refinery Fails Delivery Deadline

Damilola Olonade

▪️ $1.5 bn loan-funded rehabilitation: refinery delivers zero litre as minister, NNPC flaunt mechanical completion ▪️ Platforms Africa ends countdown amidst commendations     The 60,000 barrels capacity Port Harcourt Refinery is not ready as promised. The asset has not produced a litre of petrol as of 12:09 am, today, the first of January, 2024, minutes after the December 2023 deadline promised by the officials to deliver it, Platforms Africa reports authoritatively. This reputable media group flagged off on November 29, a countdown on the promised December 2023 deadine to…

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NNPC to stake $3bn for Dangote Refinery’s 20% equity buy-over

Tade Salako

  Here is the major reason, NNPC, which, few days ago, awarded $1.5 billion rehabilitation contract for Port Harcourt refinery, is all out to place over $3 billion investments on Dangote Refinery.   The Nigerian National Petroleum Corporation (NNPC) has said that it plans to acquire a 20% minority equity stake in Africa’s biggest oil refining facility, Dangote Refinery, Lagos. Checks by Platforms Africa show that this plan will cost the corporation about $3 billion to purchase 20 per cemt stakea in the $15 billion Dangots Refinery.   READ ALSO:…

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Nigeria secures $1bn Afreximbank loans for Port Harcourt refinery’s repair

Efe Wellington

  Here is Mele Kyari’s account of real reason Nigeria preferred $1.5bn PH refinery repair to new refinery’s construction   African Export-Import Bank (Afreximbank),  as a reliable lender, has agreed to raise $1billion out of the $1.5 billion for the rehabilitation of the Port Harcourt refinery. Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Mele Kyari, who disclosed this, described the recently approved rehabilitation exercise of the 210,000 barrels per day capacity Port Harcourt Refinery as a worthy undertaking embarked upon after diligent consideration and in strict adherence to industry…

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