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2021-03-23 15:05:00

NIGERIA'S OIL INVESTMENT $1.5 BLN

NIGERIA'S OIL INVESTMENT $1.5 BLN

ENERDATA 23 Mar 2021 - The Nigerian Federal Executive Council (FEC) has approved US$1.5bn to rehabilitate the Port Harcourt refinery, owned by the Nigerian National Petroleum Corporation (NNPC). The complex includes two refineries, with a total capacity of 210,000 bbl/d. The rehabilitation was awarded to Italy’s Tecnimont. The company is expected to complete a first phase in 18 months, which should take the refinery to a production of 90% of its capacity. Two additional rehabilitation phases are expected to be done in 24 and 44 months, respectively.

Nigeria has a total refining capacity of about 450 kb/d (22.5 Mt), but most of it is not operational. Its refining output dropped by almost 90% between 2017 and 2019 to 0.5 Mt and only represented 2% of the refining capacity in 2019.

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Tags: NIGERIA,