NNPCL set to Hand Over Port Harcourt, Warri, and Kaduna Refineries to private individuals

The Nigerian National Petroleum Company Limited (NNPCL) is planning to hand over its three refineries to a reputable third party with experience in operating and maintaining them.

TrackNews Media reports that the refineries, which are currently undergoing rehabilitation, are the Port Harcourt Refining Company Limited (PHRC), the Warri Refining and Petrochemical Company, and the Kaduna Refinery.

The PHRC has a capacity of 210,000 barrels per day, the Warri refinery has a capacity of 125,000 barrels per day, and the Kaduna refinery has a capacity of 100,000 barrels per day. The rehabilitation of the refineries was awarded to Tecnimont SpA, Daewoo, and Saipem, respectively.

This newspaper learnt that the decision to hand over the refineries to a third party is part of a wider shake-up at NNPCL. The company has also merged some of its subsidiaries in an effort to cut costs and boost profitability.

NNPCL has merged some of its subsidiaries in a major shake-up aimed at cutting costs and boosting profitability. The company has merged its global oil shipping firms, NIDAS Shipping Services and Nikorma Shipping Services, to create NNPC Shipping Company. It has also merged Integrated Data Services Limited, NNPC Oil Field Services, and Frontier Exploration Services to create NNPC Energy Services Limited (EnSERV).

The former refining and petrochemical directorate has also been merged with the downstream to align with an improved cost-effective structure.

NNPCL says the mergers will help to streamline its operations and make it more efficient. The company says it is committed to improving its performance and providing better value for its customers.