By Adedapo Adesanya
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has hailed President Muhammadu Buhari over the planned rehabilitation of the Port Harcourt refinery.
IPMAN Chairman in Rivers State, Mr Joseph Obele, said the refinery, when revamped, will enable Nigerians access quality fuel, against the substandard petroleum products, currently being imported into the country.
Mr Obele, who equally commended the Minister of State for Petroleum Resources, Mr Timipre Sylva and the Group Managing Director of NNPC, Mr Mele Kyari, said the project will create employment by engaging over 25,000 persons.
According to him, “IPMAN Rivers State is saying thank you to Mr President for the planned revamping of the Port Harcourt refinery plant.
“The project will employ over 25,000 persons. The project will put an end to fuel importation. It will open up businesses within the host communities.
“It will make things very easy for Marketers by getting products without stress.
“It will make us have the best quality of the product as against all the rubbish they are importing into Nigeria.
“We have plenty of reasons to say thank you, Mr President,” IPMAN in Rivers State said.
The Federal Executive Council (FEC) had last week approved $1.5 billion (approximately N575 billion) for the rehabilitation of the Port Harcourt refinery, with funding derived from Nigerian National Petroleum Corporation (NNPC), Internally Generated Revenue (IGR), budgetary allocations provisions and the African Export-Import Bank (Afreximbank).
According to an announcement by Mr Sylva, the contract for the project has been awarded to an Italian engineering firm, Tecnimont SPA. The first, second and third phases of construction are expected to be completed within a period of 28, 24 and 44 months, respectively.
The Port Harcourt refinery began operations in 1989 and is considered the largest refining company in the country. It has the capacity to produce 210,000 barrels per day.
The Minister also noted that the federal government would see to the rehabilitation of the Warri and Kaduna refineries before the end of the current administration.
Dipo Olowookere