Nigeria Tackles Oil Refinery Overhaul at Port Harcourt
Nigeria is desperate to fix its refineries, but progress in finding funds for overhaul programs has been very slow and challenging. State-owned Nigerian National Petroleum Corporation has concluded talks with lenders, to raise U.S.$1 billion for the rehabilitation of the Port Harcourt refinery that was shut for the first phase of repairs in March 2019. It secured the services of Italy's Maire Tecnimont to handle the assessment of the refinery complex, with oil major ENI appointed as the technical adviser. S&P Global Platts, which provides benchmark prices for commodity markets around the world, reports that the successful negotiations of the funding arrangement, led by Afreximbank, paved the way for the NNPC to move to the commercial stage of pre-qualifying bids submitted by local and international companies. These companies will be for the engineering, procurement, and construction contract award for the rehabilitation of 210,000 barrel per day at the Port Harcourt refinery.
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Nigeria:
Port Harcourt Refinery Overhaul to Begin Soon - Report
Premium Times, 18 February 2021
The rehabilitation programme is estimated to take around 18 to 24 months. Read more »
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Nigeria:
Port Harcourt Refinery's Rehabilitation Begins Q1 2021 - NNPC
Daily Trust, 23 November 2020
The Nigerian National Petroleum Corporation (NNPC) said it will begin the second phase of the rehabilitation of Port-Harcourt Refinery in the first quarter of 2021. Read more »
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Nigeria:
How NNPC Cuts Losses in Four Refineries By 53 Percent to N85.75bn in 10 Months
Vanguard, 16 February 2021
THE Nigerian National Petroleum Corporation, NNPC, has cut down losses by 53 per cent in the first 10 months of 2020, due to none production in the nation's four refineries,… Read more »
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Nigeria:
NNPC Negotiates Terms With Oil Majors to Retain Investments
This Day, 9 February 2021
The Nigerian National Petroleum Corporation (NNPC), is renegotiating commercial contract terms with major oil firms, the Group Managing Director of the national oil company, Mallam… Read more »
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Nigeria:
96 Firms Bid for Rehabilitation of NNPC Pipelines, Depots
This Day, 15 January 2021
Ninety-six companies from various jurisdictions have indicated interest in rehabilitating the Nigerian National Petroleum Corporation (NNPC) downstream infrastructure, including… Read more »
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Nigeria:
NNPC Seeks $1bn in Oil Prepaid Deal to Revamp Refinery
This Day, 8 January 2021
The Nigerian National Petroleum Corporation (NNPC) has begun talks with trading firms to raise about $1 billion in a prepayment deal to refurbish its largest refining complex at… Read more »
InFocus
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The Nigerian National Petroleum Corporation will kickstart its programme of fixing refineries by revamping the Port Harcourt Refinery complex that produces 210,000 barrels of ... Read more »
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The largest refinery project in Africa being built by Aliko Dangote, will not be completed until the end of 2020, due to challenges of importing of steel and other equipment. Read more »
(file photo).