Close Menu
MarketForces AfricaMarketForces Africa
    What's Hot

    Equities Investors Lose N5.6trn as NGX Indicators Plunge

    June 21, 2026

    Iran Plans to Restore 3mbpd Oil Production in 60 Days

    June 20, 2026

    Aradel Grows Profit by 192%, Declares N23 as Final Dividend

    June 20, 2026
    Facebook X (Twitter) Instagram
    Trending
    • Equities Investors Lose N5.6trn as NGX Indicators Plunge
    • Iran Plans to Restore 3mbpd Oil Production in 60 Days
    • Aradel Grows Profit by 192%, Declares N23 as Final Dividend
    • Dangote Cement Sells 64% of Production Volume to Nigerians
    • Naira Tumbles as Interbank FX Turnover Drops by 43%
    • XRP Rises as HKIMR Recognises Ripple for Cross-Border Payment
    • ETC- Ethereum Classic Gains 6% on Listing Speculation
    • Bitcoin Climbs, JP Morgan Says BTC Trades Below Mining Costs
    • Home
    • About Us
    Facebook X (Twitter) Instagram LinkedIn WhatsApp TikTok Telegram
    MarketForces AfricaMarketForces Africa
    Subscribe
    Sunday, June 21
    • Home
    • News
    • Analysis
    • Economy
    • Mobile Banking
    • Entrepreneurship
    MarketForces AfricaMarketForces Africa
    MarketForces Africa » Uncategorized » Port Harcourt Refinery Resumes Full Operations after Brief Scale Down

    Port Harcourt Refinery Resumes Full Operations after Brief Scale Down

    Julius AlagbeBy Julius AlagbeDecember 2, 2024Updated:December 2, 2024 Uncategorized No Comments3 Mins Read
    Port Harcourt Refinery Resumes Full Operations after Brief Scale Down
    Share
    Facebook Twitter LinkedIn Pinterest Email Tumblr Reddit Telegram WhatsApp Copy Link

    Port Harcourt Refinery Resumes Full Operations after Brief Scale Down

    The Port Harcourt refinery has resumed full operations after a brief “scaling down”, Mr Ibrahim Onoja, the company’s Managing Director has said.

    Addressing newsmen after a facility tour of the refinery on Sunday night, Onoja said the facility had resued distribution of products, including Premium Motor Spirit, kerosene, and diesel. ”The refining plant has undergone extensive upgrades to enhance efficiency and reliability which had also impacted on production capacity.

    ”We replaced most of the equipment including pumps installation and cables.

    “The plant is running and we are trucking out our products,” he said. Also speaking, Mr Moyi Maidunama, the Director of Operations of the Nigeria Pipeline Storage Company (NPSC) Ltd acknowledged that there was a temporary reduction in production.

    He, however, explained that the reduction was to help address some technical issues aimed at improving the delivery capacity of the facility. ”We are managing the process with the number of trucks available today, using three loading arms for evacuation, this would be resolved soon.

    ”Our operations were not totally halted but reduced due to some of the improvements that we needed to make in terms of getting more loading arms operational.

    ”We have been evacuating refined petroleum products from the refinery since yesterday, and its obviously going to be a continuous process,” he said.

    Mr Worlu Joel, the terminal manager, also confirmed the efficiency of the refinery, adding that it had begun loading of Premium Motor Spirit, kerosene, and diesel. According to him, the depot, which has eleven functional loading bays currently uses only three due to its high efficiency.

    He said that each bay evacuates as much as three trucks in 15 minutes. He, however, expressed worries over slow turn out of tanker drivers “We have surplus product. Let us say we have up to 100 trucks today, we will evacuate them in five hours, Its no longer our problem; its the tanker drivers, “he said.

    On Nov. 26, the Nigerian National Petroleum Company Limited (NNPC Ltd) said the Port Harcourt refinery had begun production after a long period of rehabilitation. It said the refinery began truck loading of petroleum products.

    The Port Harcourt Refineries comprise two units, with the old plant having a refining capacity of 60,000 barrels per day (bpd) and the new plant 150,000 bpd, both summing up to 210,000 bpd. The refinery has not operated maximally for over two decades.

    It was shut down in March 2019 for the first phase of repair works after the government secured the service of Italy’s Maire Tecnimont to handle the review of the refinery complex, with oil major Eni appointed technical adviser.

    In 2021, NNPC Ltd. said repairs had started at the refinery after the Federal Executive Council (FEC) approved 1.5 billion dollars for the project. On Dec. 21, 2023, the Nigerian government announced the mechanical completion and the flare start-off of the refinery.

    #Port Harcourt Refinery Resumes Full Operations after Brief Scale Down Money Market Rates Mixed as Banking System Deficit Reduces

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Julius Alagbe
    • Website
    • LinkedIn

    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

    Keep Reading

    GCR Upgrades Rand Merchant Bank Nigeria Rating to AA

    DisCos Meter 241,590 Customers in 2 Months –NERC

    Investors Trade 1.68bn Shares worth N109.4bn on NGX

    Hormuz Closure: Trump Dismisses Iran’s Offer as Oil Prices Surge

    CBN FX Intervention Declines by 83% to $150m in April

    Yusuf Buhari Gets Automatic APC Ticket to Seek Reps Seat

    Add A Comment

    Comments are closed.

    Editors Picks

    Equities Investors Lose N5.6trn as NGX Indicators Plunge

    June 21, 2026

    Iran Plans to Restore 3mbpd Oil Production in 60 Days

    June 20, 2026

    Aradel Grows Profit by 192%, Declares N23 as Final Dividend

    June 20, 2026

    Dangote Cement Sells 64% of Production Volume to Nigerians

    June 20, 2026

    Naira Tumbles as Interbank FX Turnover Drops by 43%

    June 20, 2026
    Latest Posts

    GCR Upgrades Rand Merchant Bank Nigeria Rating to AA

    June 19, 2026

    DisCos Meter 241,590 Customers in 2 Months –NERC

    May 22, 2026

    Investors Trade 1.68bn Shares worth N109.4bn on NGX

    May 13, 2026

    Hormuz Closure: Trump Dismisses Iran’s Offer as Oil Prices Surge

    May 11, 2026

    CBN FX Intervention Declines by 83% to $150m in April

    May 4, 2026

    Subscribe to News

    Get the latest sports news from Dmarketforces Africa about finance, business and tech.

    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • Politics
    • Economy
    • Business
    • Opinions
    • Fintech
    • Science & Technology

    Company

    • About us
    • Advertising
    • Classified Ads
    • Contact Info
    • Editorial Policy

    Services

    • Subscriptions
    • Research
    • Due Diligence
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Subscribe to updates from MarketForces Africa, an independent financial news service provider.

    © 2026 MarketForces Africa. All rights reserved.
    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.