Port Harcourt refinery resumes production, says PENGASSAN

The Petroleum and Natural Gas Senior Staff Association of Nigeria has confirmed that the Port Harcourt Refinery has resumed production.

PENGASSAN president Festus Osifo disclosed this while addressing journalists at the end of the National Executive Council meeting in Abuja on Tuesday.

According to Mr Osifo, the refinery rehabilitation was made possible through stringent financial oversight and the active involvement of unions in the project’s management.

He noted that the refinery produces diesel, kerosene, and petrol through its distillation unit.

Mr Osifo attributed the past attempts to refurbish the refinery’s progress to the lack of transparency and accountability. He commended establishing a steering committee, including representatives from PENGASSAN and NUPENG, to ensure transparency and accountability.

Although the refinery’s functionality is a significant milestone, Mr Osifo noted that the impact on fuel prices remained limited due to the devaluation of the naira.

According to him, with the exchange rate of about N1,700 to $1, the cost of goods, including petroleum products, will remain high.

Mr Osifo reiterated PENGASSAN’s call for adopting the Nigeria Liquefied Natural Gas ownership model to manage the nation’s refineries.

He urged the government to involve reputable international oil companies with expertise in refinery management to achieve similar results for the nation’s refineries.