By Solomon Asowata
The Independent Association of Petroleum Traders of Nigeria (IPMAN) commended the federal government for its efforts to rehabilitate the Port Harcourt refinery.
IPMAN President Chinedu Okoronkwo told the Nigeria News Agency (NAN) in Lagos on Wednesday that having functioning refineries was in the best interest of the nation.
NAN reports that the Nigerian National Petroleum Corporation (NNPC) and an Italian company, Tecnimont SpA, signed an agreement on Tuesday for the rehabilitation of the 210,000 BPD refinery for an amount of 1.5 billion dollars.
The rehabilitation project has a completion schedule of between 18 and 44 months under a three-phase arrangement.
Okoronkwo said, “We think the rehabilitation of the PH refinery is a welcome development as it has been in a moribund state for some time.
“So it’s better to refurbish it than sell it as scrap metal even if it has to be sold.
“Having a functioning refinery will help Nigeria a lot. As we start to refine locally, it will reduce the freight cost of petroleum products.
“It will also boost job creation as it will create direct and indirect jobs for Nigerians.”
However, he urged the government to ensure that the project completion schedule is respected. (NOPE)
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