Nigeria’s National oil company Nigeria National Oil Corporation (NNPC) says it will hand over the revamped Port Harcourt refinery to private sector managers, the CEO Abba Kyari announced yesterday. After a US $1.5 billion rehabilitation programme, the NNPC says a private sector management will enhance the efficiency and productivity of the 210,000 barrels per day facility. The refinery, with two plants of 60,000 (built in 1965) and 150,000 (built in 1989), like other refineries in Warri and Kaduna, has suffered neglect and mismanagement. The NNPC says it has completed 77.4% of the rehabilitation and the remaining work is expected to be completed in the fourth quarter this year. In announcing the planned private sector management, it says its seeking companies with a minimum of US $2 billion (about N2 trillion) in revenues, virtually eliminating 99.99% of Nigerian companies.
