https://en.sputniknews.africa/20250111/nigerias-refining-capacity-set-to-increase-with-new-refinery-in-akwa-ibom-state-1070125471.html
Nigeria’s Refining Capacity Set to Increase With New Refinery in Akwa Ibom State
Nigeria’s Refining Capacity Set to Increase With New Refinery in Akwa Ibom State
Sputnik Africa
Currently, Nigeria relies on the Dangote refinery, the Port Harcourt refinery, and modular refineries for its petroleum needs. PETROAN’s project, once... 11.01.2025, Sputnik Africa
2025-01-11T11:58+0100
2025-01-11T11:58+0100
2025-01-11T11:58+0100
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The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has signed an agreement with three oil companies—Claridge Petroleum Company Ltd, Oasis Petrochemical Products Limited, and Afrintech—to establish a 50,000 barrels per day refinery in Akwa Ibom State.The refinery is aimed at boosting Nigeria's refining capacity and providing affordable petroleum products to citizens.Speaking to the local media outlet The PUNCH, PETROAN National President Billy Gillis-Harry stated that the agreement prioritizes local production over importation, which had been a major source of fuel supply.While the companies will fund the project, the retailers will act as the off-takers, guaranteeing the distribution of products. The refinery is expected to take three to five years to complete, but Gillis-Harry emphasized that the conditions agreed upon are “futuristic” and binding, according to the article.This initiative also aligns with a broader agreement among stakeholders to halt the importation of Premium Motor Spirit (PMS). Instead, the refinery will ensure the availability of locally produced PMS at affordable rates, potentially alleviating the economic burden on Nigerians.Gillis-Harry further disclosed that PETROAN has proposed a N100 billion (about $64.2 million) energy bank to support the downstream sector with single-digit interest loans.Reacting to potential regulatory challenges, he assured that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been cooperative.
https://en.sputniknews.africa/20241231/nigerias-warri-refinery-partially-resumes-operations-after-decade-long-shutdown-1069972412.html
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Nigeria’s Refining Capacity Set to Increase With New Refinery in Akwa Ibom State
Christina Glazkova
Writer / Editor
Currently, Nigeria relies on the Dangote refinery, the Port Harcourt refinery, and modular refineries for its petroleum needs. PETROAN’s project, once operational, is expected to bolster the nation's refining capacity, reduce reliance on imports, and deliver affordable products to the public.
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has signed an agreement with three oil companies—Claridge Petroleum Company Ltd, Oasis Petrochemical Products Limited, and Afrintech—to establish a 50,000 barrels per day refinery in Akwa Ibom State.
The refinery is aimed at boosting
Nigeria's refining capacity and providing affordable petroleum products to citizens.
Speaking to the local media outlet The PUNCH, PETROAN National President Billy Gillis-Harry stated that the agreement prioritizes local production over importation, which had been a major source of fuel supply.
“The deal is that we have requested for them to not import for us but to set up a refinery in Nigeria, and they have agreed to that,” he was quoted as saying.
While the companies will fund the project, the retailers will act as the off-takers, guaranteeing the distribution of products. The
refinery is expected to take three to five years to complete, but Gillis-Harry emphasized that the conditions agreed upon are “futuristic” and binding, according to the article.
This initiative also aligns with a broader agreement among stakeholders to halt the importation of Premium Motor Spirit (PMS). Instead, the refinery will ensure the availability of locally produced
PMS at affordable rates, potentially alleviating the
economic burden on Nigerians.Gillis-Harry further disclosed that PETROAN has proposed a N100 billion (about $64.2 million) energy bank to support the downstream sector with single-digit interest loans.
“How do you like that kind of transaction? It teaches you that PETROAN is forever on the front burner to ensure that Nigerians have a better deal,” he reportedly noted.
Reacting to potential regulatory challenges, he assured that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been cooperative.
“NMDPRA has never stopped anybody from getting licenses for refineries,” he stated, as cited by the report.
