- Rehabilitation of the Port Harcourt refinery is expected to attract credible investors and stabilise pricing.
- The T&E model promises efficiency, transparency, and reduced monopoly risks in Nigeria’s downstream sector.
The Nigerian National Petroleum Company (NNPC) Limited has taken a decisive step towards refinery rehabilitation. It has engaged Honeywell UOP, a United States-based multinational, to assess the operational condition of the Port Harcourt facility. This marks a critical stage in securing investment for the Port Harcourt refinery.
Honeywell UOP, a global leader in refining technology and petrochemicals, will provide potential investors with a technical evaluation. According to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the move represents a strategic effort to restore the refinery’s relevance.
In a statement, PETROAN praised NNPC’s Group Chief Executive Officer, Bayo Ojulari, for awarding the contract. The association stressed that accurate assessment data would guide investor decisions and ensure transparency. It also supported NNPC’s adoption of the technical and equity (T&E) partnership model for rehabilitation.
The T&E model, already proven at Bonny’s Nigeria Liquefied Natural Gas (NLNG) plant, combines private expertise with shared ownership. PETROAN’s National President, Billy Gillis-Harry, argued that this approach will improve efficiency, stabilise product pricing, and reduce monopoly risks. Consequently, stakeholders, host communities, and consumers stand to benefit.
The association also highlighted the wider policy framework. President Bola Tinubu’s focus on infrastructure, such as the ongoing rehabilitation of the Eleme expressway, supports petroleum distribution from Port Harcourt. This alignment between energy and infrastructure reform could strengthen refining capacity and enhance energy security.
Industry observers believe the refinery’s revival would reduce Nigeria’s import dependence. It would also stimulate local economic growth and reinforce the government’s commitment to long-term sustainability. Nevertheless, PETROAN called for an expedited process free from political interference.
With Honeywell UOP’s expertise and strong policy backing, Port Harcourt refinery investment could mark a turning point. The initiative signals a renewed effort to rebuild confidence in Nigeria’s downstream sector and attract credible investors.