THUR APRIL 25 2024-theGBJournal| The Port Harcourt Refining Company (PHRC) and African Refinery Port Harcourt today signed a share subscription agreement for the co-location of a 100,000bpd capacity refinery within the PHRC complex, a move to boost local refining capacity.
The parties said the signing of the agreement is a significant step towards setting in motion the process of building a new refinery which, when fully operational, will supply PMS, AGO, ATK, LPG, and other petroleum products to the local and international markets and provide employment opportunities for Nigerians.
African Refinery (ARPHL) is the special purpose vehicle incorporated for the specific purpose of collocating a 100,000BPD crude oil refinery in Nigeria.
The refinery aims at reducing Nigeria’s dependency on imported refined products by processing domestic crudes and produce refined petroleum products to the local and international market.
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