Victor EzejaThe Independent Petroleum Marketers Association of Nigeria (IPMAN), has called on the relevant authorities to prioritise competence, and technical expertise in refinery operations while selecting prospective buyer of the Port Harcourt refinery, if the NNPC finally decides to sell it off.
IPMAN Chairman, Port Harcourt Depot Unit, Tekena Thankgod Ikpaki, gave the advice in a statement released during the weekend.
Join our WhatsApp ChannelThe statement was in reaction to recent comment by Group CEO of Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, who hinted that the Federal Government may consider selling some of its refineries if it becomes a viable option given ongoing rehabilitation and efficiency challenges in the state-owned oil-refining facilities.
While highlighting the strategic importance of the Port Harcourt Refinery to the Nigerian economy, IPMAN stated that what is needed is efficient management to drive long-term sustainability.
The association said it is not interested in whether the refineries are managed by public or private entity, but the concern should be on ensuring that they function at optimal capacity to contribute in driving the goal of achieving energy sustainability in the country.
Prime Business Africa reports that the Port Harcourt refinery had resumed operations in November 2024 after about $1.5 billion was spent on rehabilitation, but shutdown few months after due to technical issues.
IPMAN noted that the sudden shut down of the refinery after few months operations highlights once again the lingering operational and technical issues affecting Nigeria’s refineries.
READ ALSO: Between NNPC’s Refineries Sale Plan And Heavy Spend On TAM: Which Is The Lesser Evil?
“Whether the facility remains under the direct control of the NNPCL or is eventually handed over to a private entity, the most critical issue for us at this point is ensuring the Port Harcourt Refinery operates at optimal capacity,” Ikpaki stated.
“We believe that a fully functional refinery will have far-reaching benefits, offering alternative sources of refined products, stabilizing the domestic market, creating jobs, boosting local content, and contributing to national energy security.”
IPMAN emphasised that the authorities should “prioritize competence, technical expertise, and a proven track record in refinery operations in selecting any prospective buyer or management partner, should the company proceed with the sale or concessioning process.”
It stressed that privatization must result in significant improvement in performance, output, and national benefit.
Ikpaki reaffirmed the association’s commitment to working with all stakeholders involved to make the transition successful.
