DailyrecordNg …Nigeria's hottest news blog
Related Articles
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said the impact of the newly revamped Port Harcourt Refinery on fuel prices will remain limited due to the devaluation of the naira.
Mr Festus Osifo, President of PENGASSAN, said this on Tuesday while confirming that the Port Harcourt Refinery has resumed production.
The PENGASSAN President said with the exchange rate at about N1,700 to 1 dollar, the cost of goods, including petroleum products, is bound to remain high.
Osifo, who disclosed this while addressing journalists at the end of the National Executive Council (NEC) meeting in Abuja on Tuesday, however described the refinery’s functionality as a significant milestone.
He added that the rehabilitation of the Port Harcourt Refinery 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.
He 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)
