Oil & Gas
THE Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has confirmed that the Port Harcourt Refinery has resumed production.
Mr Festus Osifo, President of PENGASSAN, disclosed this while addressing newsmen at the end of the National Executive Council (NEC) meeting in Abuja on Tuesday.
According to Osifo, the refinery rehabilitation was made possible through stringent financial oversight and the active involvement of unions in the project’s management.
He noted that the refinery is producing products such as diesel, kerosene, and petrol through its distillation unit.
Osifo attributed the past attempts to refurbish the refinery’s little progress to the lack of transparency and accountability.
He commended the establishment of a steering committee, including representatives from PENGASSAN and NUPENG, to ensure transparency and accountability.
Although the refinery’s functionality is a significant milestone, Osifo noted that the impact on fuel prices remained limited due to the devaluation of the naira.
According to him, with the exchange rate at about N1,700 to 1 dollar, the cost of goods, including petroleum products, is bound to remain high.
Osifo reiterated PENGASSAN’s call for adopting the Nigeria Liquefied Natural Gas (NLNG) ownership model for managing the nation’s refineries.
He urged the government to involve reputable international oil companies with expertise in refinery management to achieve similar results for the nation’s refineries.(NAN)
A.I
Dec. 4, 2024
Tags: Mr Festus Osifo PENGASSAN
