The Federal Government, says the rehabilitation of the Port Harcourt Refinery Company (PHRC) is expected to be completed by the end of this year.
President Goodluck Jonathan who disclosed this during his Democracy Day broadcast to the nation last week also said that the Warri and Kadunal refineries would be put in working conditions in 2013.
According to him, capacity utilisation of existing domestic refineries had risen above from 30 percent to 60 percent while there is plan to increase the refineries capacity utilisation to 90 percent.
Jonathan explained that the April 2012 commissioning of the offshore deep sea had increased crude oil production capacity by 180,000 barrels per day (bpd), pointing out that government’s continued support to the country’s National Oil Company of Nigeria has resulted in increase in reserve from 250 million barrels per day to 2.1 barrels and 160,000 barrels on production.
He announced that the Petroleum Industry Bill (PIB) is being redrafted to ensure it meets the aspirations of all stakeholders, giving the current realities and general expectations in the global energy landscape.
Work on the PIB will be concluded in June this year and it will formerly be submitted to the National Assembly, he stressed, adding that special taskforces dealing with governance and control of petroleum revenue and national refineries are finalising their work based on probity across the oil and gas sector to ensure self-sufficiency in refining petroleum products.
On the power sector, President Jonathan said the privatisation process had attracted expression of interest from 131 companies across the globe, noting that the decision to bring in the private sector was intended to achieve the target of generating and distributing sufficient and reliable power within the shortest time possible.
With the machinery we have put in place, we will surely achieve success in transforming the power sector, he declared, pointing out that the signing of Memorandum of Understanding (MOU) with General Electric of US and other investment institutions is a clear indication of the level of confidence the world investment community has in the nation’s power sector now.
He assured that the administration is judiciously implementing the power sector road map which is at an advanced stage to fully privatize the generating and distribution while reducing the cost of electricity to rural areas.