Rehabilitation work on Nigeria’s Port Harcourt Refinery reaches milestone

  • First phase of Port Harcourt Refinery rehabilitation completed
  • Rehabilitation work took about two years
  • Mechanical completion and flare start-up of old Port Harcourt Refinery (Area 5)
  • $1.5 billion project covers engineering, procurement, construction, installation, and commissioning phases
  • Refinery has a combined capacity of 210,000 barrels per day

The Nigerian National Petroleum Corporation (NNPC) announced that the first phase of the rehabilitation work on the Port Harcourt Refinery has been completed. This phase included the mechanical completion and flare start-up of the old Port Harcourt Refinery (Area 5). The rehabilitation project, which took about two years, is part of a $1.5 billion initiative covering engineering, procurement, construction, installation, and commissioning phases. The Port Harcourt Refinery, consisting of units commissioned in 1965 and 1989, has a combined capacity of 210,000 barrels per day. The NNPC did not provide a specific timeline for when the refinery will begin producing gasoline for local consumption.

Public Companies: Nigerian National Petroleum (NNPC)
Private Companies:
Key People: Mele Kyari (Group Managing Director of NNPC)

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Factuality Level: 8
Justification: The article provides factual information about the completion of the rehabilitation work on phase one of the oil refinery in Port Harcourt. It includes statements from Mele Kyari, the group managing director of NNPC, and mentions the duration of the rehabilitation project. However, it lacks specific details about when the refinery will begin producing gasoline for local consumption.

Noise Level: 3
Justification: The article provides basic information about the completion of the rehabilitation work on phase one of the oil refinery in Port Harcourt. However, it lacks in-depth analysis, scientific rigor, and evidence to support its claims. It also does not provide any insights or solutions for the reader.

Financial Relevance: Yes
Financial Markets Impacted: The completion of the rehabilitation work on the Port Harcourt refinery in Nigeria may impact the local oil and gas industry, as well as related companies involved in the supply chain and distribution of petroleum products.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The completion of the rehabilitation work on the Port Harcourt refinery is a significant development in the Nigerian oil and gas industry. It may have implications for the local economy, energy security, and the country’s ability to meet domestic demand for gasoline.

Reported publicly: www.marketwatch.com