Port Harcourt Refinery To Generate N1.5tr Yearly – PHRC MD

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, The Guardian reports.

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.