The Port Harcourt Refinery Company (PHRC) is projected to generate over N1.5 trillion annually from refined petroleum products when Italian oil company, ENI, concludes its refurbishment.
PHRC Managing Director, Bafred Enjugu, told journalists in Port Harcourt yesterday that when the refurbishment is completed, the Port Harcourt refinery would produce 210,000 barrels, representing 47 percent of the 445,000 allocated to the country’s refineries per day.
PHRC would thus be generating about N1.5 trillion from refined products.
According to him, in an economy with a budget of over N7 trillion, a company that with a prospect to generate annual revenue of about N1.5 trillion, commercial potential must be thoroughly harnessed.
“We have a goldmine here that can churn out N1.3 trillion a year. In an economy that has an annual budget of N7.29 trillion, I will say that N1.3 trillion is very significant and we are looking at one refinery out of the three. So, if your approximate 47 percent to 50 percent, you can very say that you will double it if you can optimally run the other refineries as they should. And I keep saying we have the capacity in the country to run the refineries,” he said.
The managing director said that despite the incessant cases of vandalism of the 55-kilometre pipeline from Bonny Island to the refinery located at Eleme, the refinery earned N12.65 billion in 2014 as profit from refined products.
Similarly, he said the refinery made about N13 billion as profit.
According to him, when the refinery begins to operate at 100 percent installed capacity, it will be generating more than N1.5 trillion annually.