The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed that the Port Harcourt refinery is progressing towards meeting its scheduled August deadline for commencing petroleum production.

In a statement made during an interview with Channels TV on Thursday, Zarma Mustapha, IPMAN’s National Operations Controller, revealed that the refinery is expected to supply approximately 10-12 million liters of petrol to marketers.

This development is anticipated to enhance the national supply of petroleum products to a daily range of 11-15 million liters, thereby ensuring widespread energy availability.

Furthermore, Mustapha noted that the refinery will operate autonomously, selling products at prevailing market rates with minimal government intervention.

“There is this understanding that the Port Harcourt refinery is going to perform independently and sell at whatever prevailing market price for them to recover their cost.

“It is not going to be run like a government entity as it has been before. I believe that the refinery coming up, will really boost the demand and supply of PMS to nothing less than 11 to 15 million litres daily.

“I am confident and optimistic that this August deadline is going to be a realistic deadline. It will come on stream and fully produce all the necessary components that the refinery is supposed to produce. At least, at its capacity of 0,000 barrels, can give you 10 to 12 million litres of PMS,” he said.

Commenting on whether the refinery will help reduce the price of petrol in the country, Mustapha said that might be the case if the operators decide to sell at a subsided rate.

He, however, explained that the refinery has to recover its cost of operation, particularly the $1.5 billion loan it obtained from a creditor for its maintenance in 2021.

Accordingly, the spokesperson of the marketer said since the operators are also buying crude at an international price, they will have to recover their cost also.

“It depends on how much they are willing to sell. How much did they get the crude? Because they’re buying the crude at an international price too.  They have to pay back the loan they took also.

“The $1.5 billion is a loan they took from one of these African financial institutions. I don’t know which one among them. They took the loan with the promise of paying back with whatever recoup from the earnings of the refinery,” he added.

Doctor Strange, with the help of mystical allies both old and new, traverses the mind-bending and dangerous alternate realities of the Multiverse to confront a mysterious new adversary.

DOWNLOAD