PHRC running at a profit – MD

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Press Release

The Managing Director of the Port Harcourt Refining Company Limited (PHRC) has said that the plant is currently running at a profit despite the ongoing phased rehabilitation and turn around maintenance (TAM) of the refinery.

The MD of the PHRC, Dr. Bafred Enjugu made this known in an interview in Port Harcourt. With the increasing demand of the petroleum products, Dr. Enjugu said the PHRC would turn in more profits in 2015 as the plant continues to refine more petroleum products such as premium motor spirit otherwise known as petrol, automative gas oil and dual purpose kerosene.

                                               

He said the Federal Government and the management of the Nigerian National Petroleum Corporation (NNPC) last year approved an 18 months circle of phased rehabilitation for all the refineries using local contractors after the Original Refinery Builders (ORB) failed to turn up to carry out the TAM.

Dr. Enjugu stated that the initiative afforded PHRC Engineers the opportunity to participate actively in the ongoing phased rehabilitation and provided indigenous contractors the window to supply the refinery with spare parts and equipment that require replacement.

The MD noted that the participation of indigenous Engineers to participate in the phased rehabilitation is in compliance with the Nigerian Content Act which seeks to promote in-country capacity for indigenous players in the Nigerian Oil and Gas sector.

He said the new approach has contributed immensely in enabling the PHRC to become a profit centre, adding that several billions of naira was saved in capital flight.

                                     

Dr. Enjugu stated that the PHRC has the potential to refine 47 percent of Nigeria’s installed refining capacity and noted that the strategic initiative has made the plant to be available with 99 percent steady supply of electricity from a public private partnership.

On his part, the Managing Director of the Warri Refining and Petrochemical Company (WRPC), Engr. Paul Obelley affirmed that the company is running at 60 percent installed capacity of its 125, 000 barrels per day.

Engr. Obelley revealed that the phased rehabilitation has also helped the plant in replacing some of its obsolete parts, stressing that the petrochemical plant which was down for almost 18 years has been fixed and the carbon black plant would soon be inaugurated.

OHI ALEGBE

Group General Manager

Group Public Affairs Division,

NNPC, Abuja.