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Port Harcourt Refinery Will Produce 12 Million Liters Of Petrol Daily, To Begin Operation This Month — Marketers

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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.

BIG STORY

Federal Government To Set Up Cattle Breeding Centres In Six Zones

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The Federal Government has announced plans to create cattle breeding centres in Nigeria’s six geopolitical zones as part of its strategy to modernise livestock farming and enhance food security.

The announcement was shared by the Minister of Information and National Orientation, Mohammed Idris, on his official X (formerly Twitter) handle, and is part of the Bola Tinubu administration’s broader push to revitalise the agricultural sector.

Nigeria’s Minister of State for Agriculture and Food Security, Aliyu Sabi Abdullahi, revealed the plan during the second day of the Citizens-Government Engagement and Midterm Assessment of the Tinubu administration, held by the Sir Ahmadu Bello Memorial Foundation in Kaduna.

Abdullahi noted that the cattle breeding centres would operate as modern livestock hubs. He said the initiative would involve collaboration with the ministries of agriculture, environment, water resources, livestock development, and the Ministry of Marine and Blue Economy.

The synergy and collaboration of the ministries of agriculture, environment, water resources, livestock development, and the Ministry of Marine and Blue Economy are imperative for delivering on the Renewed Hope Agenda, the minister stated.

He pointed out that the aim is to transition from traditional livestock methods to a more organised and economically viable model.

This, he explained, would help reduce clashes between herders and farmers, increase meat and dairy output, and support the country’s goal of achieving food sufficiency.

In April, the National Economic Council raised concerns about the current livestock system in Nigeria, labelling it outdated and unsustainable.

The council urged a swift move to adopt modern practices in animal husbandry.

The call came amid a wave of violence in regions such as Plateau, Benue, and Kwara states, where suspected gunmen have claimed numerous lives.

After the meeting, Governor Douye Diri of Bayelsa State briefed State House Correspondents and reiterated NEC’s stance on modernising livestock systems.

Council emphasised the fact that we cannot continue to live in the past, and we must now work towards modernising livestock production in Nigeria, he said.

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BIG STORY

Governors Enjoying ‘Oil Boom-Era’ Revenue Under Tinubu, None Is Complaining — Daniel Bwala

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Daniel Bwala, special adviser on policy communications to President Bola Tinubu, stated that state governors are currently benefiting from a period of financial prosperity under the present administration.

During his appearance on the Channels Television programme ‘Politics Today’ on Wednesday, Bwala mentioned that no governor is facing difficulties in paying salaries, unlike in the past.

All the governors in Nigeria are having the best of times, like they are experiencing what we call the oil boom in their history as a country, Bwala said.

Twenty-seven states were once bankrupt, and salaries were not paid. That is not a conversation now.

It is almost like an anathema to talk about people not being paid salaries because such a governor will be looked upon like Lucifer.

There is revenue enough to pay salaries, there is revenue enough to meet the minimum wage, embark on projects, pay debts, and look to the future.

His comments came after Uba Sani, governor of Kaduna state, remarked that it would be difficult for any Nigerian governor to oppose President Bola Tinubu’s re-election in 2027.

Moreover, no president in Nigeria’s history has supported governors and sub-national governments the way President Bola Ahmed Tinubu is currently doing, the governor said on Tuesday.

As a result, it is unlikely that any governor in Nigeria would go against the president.

Bwala also rejected claims of a strong opposition coalition, arguing that the movement is overblown.

He said only a small number of members from the Peoples Democratic Party (PDP) left to lead the coalition, while the party’s governors and national leadership remained.

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BIG STORY

NNPC Won’t Sell Port Harcourt Refinery — GCEO Bayo Ojulari

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The Nigerian National Petroleum Company Limited (NNPC) has stated that it has no intentions of selling the Port Harcourt Refining Company (PHRC), reaffirming its commitment to completing the high-quality rehabilitation and continued operation of the plant.

Bayo Ojulari, the group chief executive officer (GCEO) of the NNPC, made this announcement during a company-wide town hall meeting at the headquarters of the national oil company in Abuja.

Ojulari’s comments came amid growing concerns regarding the future of NNPC’s crude oil refining assets.

Previously, on June 11, Ojulari mentioned that the company was considering selling state-owned refineries due to the difficulties in repairing the facilities.

However, during the town hall meeting, the NNPC chief ruled out any plans to sell the asset.

“The Nigerian National Petroleum Company Limited (NNPC) Ltd has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant,” the statement reads.

Ojulari clarified that the company’s stance was not a change, but the result of ongoing in-depth technical and financial reviews of the Port Harcourt, Kaduna, and Warri refineries.

“The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery before the full completion of its rehabilitation was ill-informed and sub-commercial,” the statement continued.

“Although progress is being made on all three refineries, the outlook now requires more advanced technical partnerships to finalize and upgrade the rehabilitation of the Port Harcourt refinery. Therefore, selling is unlikely, as it would lead to further loss of value.”

Ojulari emphasized that NNPC would continue to evolve into a commercially focused, professionally managed energy company that is transparent, performance-oriented, and steadfast in its commitment to its most important stakeholder group, Nigerians.

The PHRC was shut down for maintenance by NNPC on May 24.

The PHRC operates two refineries: an old facility with a 60,000 barrels per stream day (bpsd) capacity and a newer one with a 150,000 bpsd capacity, totaling a combined crude processing capacity of 210,000 bpsd.

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