joshuaPH refinery’ll advance Nigeria -Ex-female presidential candidate, ex-Kwara governorship aspirant
Ayo Ola
The Presidential Candidate of Mass Action Joint Alliance (MAJA) in 2019 elections, Prof Funmilayo Adesanya-Davies, and a former Governorship aspirant in Kwara State, Engineer Sunday Adebayo Babalola, have said the resumption of operations at the Port Harcourt Refinery will boost economic growth in Nigeria.
They added that it would help in stabilizing the naira by reducing pressure on the nation’s foreign exchange as well as increase employment opportunities and business growth.
While Babalola spoke on Saturday, Adesanya-Davies’s views were contained in a statement.
Babalola said: “The resumption of operation by PHRC is a very good development but there is a wrong impression in the minds of some people that Port Harcourt refinery is on stream. The reality is that there are two refineries in PHRC. The first one that Shell built, which is just 60,000 barrels per day, is the one they have. There is the second one which is about 150,000 barrels per day capacity. They are still working on that one. The one we have that is on stream now is that of 60,000 bpd.
“If they can sustain the production capacity, they have said they will soon take it to 70% and go further to 90%, that will be a great thing. It is not true that the refinery should be scrapped. They can be functional. Some parts of it can be made modern. There are refineries that are 40 years, 50 years, evern 60 years old that are still operating. So there is nothing wrong with those refineries, only that our Nigerian system of management where we were engaging in turn around maintenance without the refineries ever functioning. I thank God that they have been able to bring at least one arm of the Port Harcourt refinery on stream.
On the controversy blending of Napthat into fuel, Babalola said: “Napthat is a generic term applied to partly refined or unrefined crude oil and liquid products of natural gas which is still below 240 degrees centigrade and its volatile fraction which is used as a solvent.
“Napthat could be a byproduct and what they are doing is that instead of using it as Napthath, particularly, they are blending it to fuel. If it works perfectly, that is still okay. It is still refining. It could have been a by-product from their refineries.”
Adesanya-Davies said the rehabilitation of the Port Harcourt refinery, which had been inactive for many years, is a welcome development.
She also said that it will significantly reduce Nigeria’s dependence on imported petroleum products and reduce foreign exchange pressures associated with fuel importation.
She said expectations are high for a drop in the pump price of fuel very soon and the rehabilitation of all other old refineries as well as the building of new ones.
She said: “I felicitate and extend my warmest congratulations to Mr President (Bola Tinubu) on the successful resumption of operations at the Port Harcourt Refinery, for which I had earlier on joined some well-meaning Nigerians in agitation for its rehabilitation. I say kudos!
“This milestone achievement is a testament to your commitment to revamping Nigeria’s oil and gas sector, and we believe that this is just the beginning, and a scratch on an iceberg.
“The rehabilitation of the refinery, which had been inactive for over five years is a welcome development. It will significantly reduce Nigeria’s dependence on imported petroleum products and reduce foreign exchange pressures associated with fuel importation. In practical terms, we look forward to a drop in the pump price of fuel very soon and the rehabilitation of all other old Refineries as well as more implantation of new ones.”
She added: “The President Tinubu’s leadership and vision in driving this project forward is thus commendable. Your administration’s efforts to enhance domestic production capacity and reduce reliance on imported fuel will have a positive impact on the Nigerian economy.
“Once again, congratulations to you President Tinubu on this great achievement and giant stride; and wishing you continued success in your efforts at all fronts to move Nigeria forward.”
