The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said the old Port Harcourt Refinery is about 90 per cent rehabilitated and technically ready to resume operations within one week, pending a final decision by the Nigerian National Petroleum Company Limited (NNPCL).
PENGASSAN President, Mr Festus Osifo, disclosed this on Tuesday during an appearance on Channels Television’s The Morning Brief, saying the plant could be switched on immediately from a technical standpoint.
“As of today, you can start the old Port Harcourt refinery and it will function. You can put it on today and it will work,” Osifo said.
However, he noted that the major hurdle was not mechanical but economic, stressing that NNPCL, now operating as a commercial entity, might be reluctant to restart production if it leads to financial losses.
According to him, processing crude oil valued at about $5m could yield refined products worth roughly $4.5m under current conditions, making operations commercially unattractive.
The Port Harcourt Refinery, which underwent a major rehabilitation costing about $1.5bn, was officially reopened in November 2024 but shut down again in May 2025 following operational and performance challenges.
Osifo’s comments have renewed debate over the future of Nigeria’s ageing state-owned refineries, amid mounting pressure on the Federal Government and NNPCL to reduce fuel imports, boost local refining capacity and ensure energy security.
Industry observers say the fate of the refinery will depend on balancing technical readiness with commercial viability, as Nigeria continues to grapple with high fuel costs and foreign exchange pressures tied to refined petroleum imports.
'
'Do you want to share a story with us? Do you want to advertise with us? Do you need publicity for a product, service, or event? Contact us on WhatsApp +2348183319097 Email: platformtimes@gmail.com
We are committed to impactful investigative journalism for human interest and social justice. Your donation will help us tell more stories. Kindly donate any amount HERE
