The Nigerian National Petroleum Company Limited, NNPCL, said the restart of the 60,000 barrels per day Port Harcourt refinery marked a turning point in Nigeria’s quest to attain energy security.
The Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, stated this on Monday in Abuja at the company’s energy relations stakeholders engagement.
Soneye pointed out that under the leadership of the Group CEO, Mele Kyari, the company has achieved groundbreaking milestones, redefining the trajectory of Nigeria’s oil and gas sector.
“The restart of the Port Harcourt Refinery marks a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining capacity.
“NNPC has also championed the adoption of Compressed Natural Gas, CNG, as an alternative energy source, offering Nigerians a cleaner and more cost-effective solution amidst rising global energy costs,” he said.
According to him, the strategic decision to secure a $1 billion loan backed by NNPCL’s crude was instrumental in supporting the Dangote Refinery during liquidity challenges, paving the way for the establishment of Nigeria’s first private refinery.
He further stated that the initiative underscores NNPCL’s dedication to fostering public-private partnerships that drive national development.
“In a historic achievement, NNPCL, under Kyari’s leadership, declared profit for the first time in decades, marking a significant financial turnaround. The company has already exceeded its profit projections for 2024, a testament to the transformative reforms he has implemented.
“Additionally, Kyari facilitated the $3 billion Gazelle loan, a critical intervention that helped stabilize the federation during a challenging foreign exchange crisis,” he added.