Six Things You Should Know About Port Harcourt Refinery

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The Federal Executive Council on Wednesday approved the plan by the Ministry of Petroleum Resources to rehabilitate the Port Harcourt Refinery with $1.5bn.
Below are what you should know about the refinery:
1. The Port Harcourt refinery began operations in 1989.
2. It remains the largest refining company in Nigeria until Dangote refinery in Lagos will be activated.
3. At inception, it had a capacity to process 150,000 barrels of crude a day and was later upgraded to 210,000 barrels per day.
4. The refinery has been repaired innumerable times, under various Turn Around Maintenance (TAM) contracts.
5. According to its 2019 audited financial statements, the Port Harcourt refinery generated total revenue of N10.33bn from 2015 to 2019, the breakdown of which showed that the refinery generated zero revenue in 2019; N1.46bn in 2018; N4.82bn in 2017; N3.37bn in 2016, and N683.52m in 2015.
6. The total losses recorded for the same period was N229.14bn; N50.53bn was lost in 2019; N45.59bn in 2018; N53.77bn in 2017; N43.44bn in 2016, and N35.81bn in 2015.

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