IPMAN lauds FG for rehabilitation of Port Harcourt refinery

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has lauded the Federal Government for effort to rehabilitate the Port Harcourt Refinery.
IPMAN’S president, Mr Okoronkwo, told the News Agency of Nigeria (NAN) on Wednesday in that having functional refineries was in the best interest of the nation.

NAN reports that the Nigerian National Petroleum Corporation (NNPC) and an Italian company, Tecnimont SpA, had signed an agreement rehabilitation of the 210,000BPD refinery at a sum of 1.5 billion dollars.
The rehabilitation project has a completion timeline of between 18 and 44 months under a three-phase arrangement.
Okoronkwo said: “We believe that rehabilitation of the PH refinery is a welcome development because it has been moribund state for some time.

“So it is better to rehabilitate it than selling it off as scrap even if it is to be sold.
“Having a functional refinery help Nigeria a lot. By the time we start refining locally, it reduce freight cost of petroleum products.

“It also boost employment creation because it create direct and indirect jobs for Nigerians.”
He, however, urged the government to ensure that the timeline completion of the project is followed. (NAN)