Port harcourt refinery to begin operations in December, petroleum products’ export to start in 2024 – NNPCL declares

The Nigerian National Petroleum Company Limited, NNPCL, has said Nigeria will be a net exporter of petroleum products in 2024.

Mele Kyari, who is the Group Managing Director of NNPCL made this known on Wednesday, November 22, when he paid a courtesy visit to the Senate President, Godswill Akpabio, as well as 14 other ranking Senators.

According to Kyari, a robust supply plan of petroleum products is in place up until 2024, assuring that there will be no fuel shortages, primarily because they occupy over 30 percent of the downstream business and as such no cues are expected.

Any queue at the NNPC fuel station is owing to the lowered cost of NNPC fuel, Kyari said.

The NNPCL boss bemoaned the protracted challenge of crude oil theft which crippled the company in July 2022, largely owing to the activities of vandals, describing as unfortunate Nigeria’s import of petroleum products as an oil-producing country.

Kyari also disclosed that the refinery in Port Harcourt will begin operations in December while the company complements the kick-off of several new refinery initiatives.

NNPCL is a for profit oil company in Nigeria. Formerly a government-owned corporation, it was transformed from a corporation to a limited liability company in July 2022.

It is the only entity licensed to operate in the country’s petroleum industry. It partners with foreign oil companies to exploit Nigeria’s fossil fuel resources.