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Ten completed refineries in Nigeria and their production capacity

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Commercial crude oil production started in Nigeria in 1956 but local crude oil refining did not start until 1965 when the first crude oil refinery was commissioned.

The first set of refineries in Nigeria were government-owned.

However, since 2013, the federal government has been providing private sector players with licenses to build and own petroleum refineries.

The administration of President Buhari introduced the modular refinery initiative to ramp up the nation’s refining capacity and meet local demand.

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Below is a list of the completed refineries in Nigeria and their capacity

Edo Refinery and Petro Chemical Company– This project is a wholly owned subsidiary of AIPCC Energy. It operates in two phases with capacities of 1,000 BPSD and 5,000 BPSD and has been commissioned and is fully operational. Work on Phase 2, which will have a capacity of 12,000 BPD, has already begun, with full operations expected to start in 2024.

Duport Midstream– Located in Edo State, this is a 2,500-BPD refinery that was completed in 2022 and started production in 2023.

Walter Smith refinery– The Walter Smith refinery is a 5,000-bpd oil refinery located in Imo State. The refinery started operations in 2020, with plans to expand its capacity to 50,000 bpd in the coming years.

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OPAC Refinery, Delta state– This 10,000-bpd modular refinery located in Kwale, Delta state was completed in 2021 as part of the federal government’s effort to improve local crude oil refining.

Niger Delta Petroleum Refinery (Aradel)– The initial 1,000 bbls/day AGO topping plant was commissioned in 2010. Currently, the 3-train, 11,000 bbls/day modular refinery produces Automotive Gas Oil, Dual Purpose Kerosene, Marine Diesel Oil, High-Pour Fuel Oil, and Naphtha.

Old Port-Harcourt refinery– Built and commissioned in 1965 with a refining capacity of 60,000 barrels of oil per day. Then, it cost Shell BP around £12 million to build. The refinery operated above 50% of its design capacity, and throughout the 1990s, it experienced a gradual decline in output.

In March 2021, the federal government awarded the repair of the refinery to Tecnimont SPA- an Italian company that would carry out repair works in phases. In December last year, the Minister of Petroleum Resources, Sen.Keineken Lokpobiri announced the mechanical completion and flare startup of the refinery.

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Kaduna refinery– This refinery has a capacity of 110,000 barrels per day (bpd). It was built in 1976 at a cost of $525 million. Like all other government-owned refineries, it has, over time, produced below its capacity. In 2021, the federal government approved a contract for the turnaround maintenance of the refinery at a cost of $586 million

Warri Refinery and Petrochemical Company (WRPC)– The 125,000-bpd capacity WRPC was built and commissioned in 1978 at a cost of around $478 million. The refinery has never achieved full capacity utilization as production has declined steadily except in the early 1990’s, during which there was a brief upswing in production.

In 2021, the federal government awarded the contract for the repair of the decrepit refinery to Saipem SPA at a cost of $897 million.

New Port-Harcourt refinery– In 1985, the federal government commissioned the New Port Harcourt refinery, built at a cost of $850 million. It has the capacity to refine 150,000 barrels of oil daily. The commissioning of the New Port Harcourt refinery increased the total refining capacity of the plants to 210,000 barrels per day.

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Recent processing performance has fallen significantly below design capabilities in both refinery throughput and the yield of higher-value products. The refinery has rarely operated above 50% of its design capacity. During the 1990s, it experienced a gradual decline in throughput, resulting in a proportionate increase in the yields of lower-value fuel oil products.

The refinery was part of the $1.5 billion turnaround maintenance awarded by the federal government to Tecnimont SPA in 2021 to be fully completed in about 44 months.

Dangote Refinery and Petrochemicals FZE- This is a 650,000-bpd refinery located in Lekki, Lagos state. The refinery cost around $19 billion and was commissioned in May 2023. Oil refining started in late December 2023, and it started dispensing products to local and international markets as of May 2024.

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Economy

Naira collapsed by 51.5% against Dollar in 12 months under Cardoso’s watch

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By Mario Deepromoter

The Naira depreciated by 51.5 percent against the dollar at the official market in the last year under Central Bank of Nigeria, CBN, governor, Olayemi Cardoso’s watch.

This is just as Cardoso clocked a year in office after his appointment on September 15, 2023.

The performance of the Naira against the dollar in the foreign exchange market is far from impress despite multiple interventions by the Cardoso-led CBN.

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This comes as data from the FMDQ showed that the Naira dropped from N1,541.52 per dollar on 22 September 2024 from N747.76 recorded in the corresponding period last year.

In the period, the Monetary Policy Committee, MPC, led by Cardoso raised the monetary policy rate (MPR) four times to 26.75 percent to combat inflation, which stood at 32.15 percent in August 2024.

The MPC is currently meeting to decide on whether to hike interest or pause the increase.

Meanwhile, in the last months, CBN showed that the country’s external reserves hit a 22-month high of $37.39 billion as of September 19, 2024.

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Despite, the policies orchestrated by the Cardoso-led CBN, Nigerians have continued to groan over harsh economic realities occasioned by high prices of food and spiralling energy costs.

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Economy

SEE NAIRA Rates Against The USD, GBP, EURO Today September 20, 2024

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By Mario Deepromoter

The USD was traded at ₦ at the beginning of this September on Monday, September 2, 2024. As at today with USD being traded at ₦1,665 we see a % for United States Dollar to Naira exchange rate for this month.

On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1665 1657
Pounds to Naira 2227 2200
Euro to Naira 1839 1815
Canadian Dollar to Naira 1221 1213
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF)

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Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

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Economy

SEC wants govt agencies to list on NGX

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The Securities and Exchange Commission (SEC) says it will encourage government agencies and state owned enterprises to list on the Nigerian Exchange Ltd. (NGX).

Dr Emomotimi Agama, the Director-General (D-G) of SEC in an interview with newsmen in Abuja on Thursday, said the listing of the companies on the NGX would guarantee democratisation of their operations.

Agama said the listing would also guarantee inclusiveness and wealth creation for citizens.

He said the Commission would provide incentives that would encourage as much state owned enterprises to list.

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According to him, inclusivity is very critical, because in it, you have ownership and so we all build our industries and the country together.

The D-G said the SEC was also working towards inclusion via technology, adding that the use of technology would make the capital market more attractive, especially to the younger generation.

“That is why we encourage apps, we encourage fintech tools, and that is why we supported the inauguration of the electronic offering platform at the Nigerian exchange.

”We encourage everyone who wants to participate and is qualified to participate in this process, to turn around the way people see investing.

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“We want investors to have a beautiful experience, to make it so easy for them that each time they feel like investing, it brings happiness to them.

”We will continue to do that through encouragement of technology, through education,” Agama said.

He said the Commission would ensure that bottlenecks usually experienced in process of investing in the market were removed to rejuvenate the country’s capital market.

(NAN)

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