Port Harcourt refinery to wear new look soon – NNPC

Nigerians can now heave a sigh of relief concerning the issues of incessant fuel scarcity, as help is finally coming with the Nigerian National Petroleum Corporation (NNPC) seeking to raise $1 billion oil prepay for revamping Port Harcourt refinery.

According to information from NNPC, the nation’s oil firm plans to raise the fund by paying in advance with trading firms in order to refurbish its largest refining complex at Port Harcourt. Although no official statement has confirm this yet.

The financing is spearheaded by a Cairo-based Afreximbank, and the fund is expected to run through seven years over payment through deliveries of Nigerian crude and products from the refinery, with assurance that Nigerians will get quality service delivery and reduction in the country’s heavy fuel importation

According to a spokesman for the Afreximbank, “Afreximbank is looking for the refurbishment of the Port Harcourt Refinery; however, the borrower is yet to be determined”.

The NNPC is the nation’s oil corporation Company, saddled with the duty of exploration activities, as well as refining petrochemicals and products transportation.


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