Oil marketers under the aegis of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have urged the Federal Government to consider reputable foreign companies as technical and equity partners in the management of the Port Harcourt refinery.
The association commended the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, for initiating the process that could see the engagement of a private firm in the management of the refinery under the Technical and Equity (T&E) partnership model.
This disclosure is contained in a press statement signed by the National Public Relations Officer of PETROAN, Dr Joseph Obele, where the group advocated for a transparent and expedited revival process of the refinery, devoid of political interference.
PETROAN commended NNPC for awarding the assessment contract of the Port Harcourt refinery to a renowned international firm, UOP.
The statement from PETROAN partly reads, ‘’Petroleum Products Retail Outlets Owners Association of Nigeria PETROAN commends the Group Chief Executive Officer, Engr Bayo Ojulari, of the Nigerian National Petroleum Corporation Limited, for initiating the process of reviving the Port Harcourt Refinery through an assessment of the plant for a potential private firm under the Technical and Equity (T&E) partnership model. With the assessment contract awarded to UOP, a renowned international firm, it demonstrates a commitment to making the refinery functional.
‘’PETROAN expressed appreciation for the decision to engage a technical partner to assess the plant’s condition, enabling informed decision-making by potential investors. This development signals a positive step towards restoring the refinery’s functionality. Notably, the T&E model has proven effective at the Nigerian Liquefied Natural Gas (NLNG) Bonny, and we strongly support its adoption for the Port Harcourt Refinery, trusting it will bring operational effectiveness and efficiency.’’
The National President of PETROAN, Dr Billy Gillis-Harry, pointed out that the operationalization of the refinery will serve as a price check mechanism, providing a vital safeguard against any form of monopoly in Nigeria’s downstream sector.
He said, ‘’We believe this will yield necessary benefits to stakeholders, host communities, retailers, and consumers by promoting competitive pricing and preventing unfair market practices.’’
Dr Harry, in the statement, expressed appreciation to President Bola Ahmed Tinubu for his leadership and vision in driving initiatives that will boost the nation’s economy and enhance energy security.
He added, ‘’We also thank him for his commitment to infrastructure development, particularly the ongoing efforts to fix the Eleme Express Road, a critical route for trucks conveying petroleum products from the refinery.
‘’We advocate that the refinery revival process be transparent, expedited, and devoid of political interference. Furthermore, we urge that reputable foreign companies be given fair consideration in the partnership process.’’
The PETROAN President said the association looks forward to the successful completion of this initiative and believes it will boost the local economy and enhance petroleum product availability.
In a related development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) had earlier in August asked Ojulari to either fix the Port Harcourt Refinery immediately or resign from his position.
The stoppage of operations came six months after the November 26, 2024, completion of its $1.5 billion rehabilitation.