The Port Harcourt Refinery Company (PHRC), one of Nigeria’s four refineries is expected to make over N1.5 trillion (about $5billion) per year from refined petroleum products, once Eni completes renovation.

According to PHRC Managing Director, Bafred Enjugu, once the renovation has been completed, the refinery would produce 210,000 barrels, about 47% of the 445,000 bpd apportioned to state refineries.

Enjugu noted that in an economy with a budget of more than N7 trillion, a company with a goal to make yearly revenues of about N1.5 trillion, must be put to use.

“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 you 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,” he told the Guardian.

The managing director added that once the refinery begins operating at a 100% installed capacity, it will be generating more than N1.5 trillion per year.

Anita Fatunji