Business
‘PH Refinery Can Post N1.3trn Profit Yearly’
The Managing Director of Port Harcourt Refining Company (PHRC), Dr Bafred Enjugu, says the refinery can meet its target of making a profit of N1.3 trillion yearly.
Enjugu, who made the remark during a media workshop organised by the company in Port Harcourt on Wednesday said the factors militating against achieving such a feat at present were equipment and security.
He said that in spite of the challenges, the doggedness of the staff of the refinery had contributed to the achievements of the company so far.
Enjugu said the refinery made N12.6 billion operating margin in spite of very low supply of crude in 2014.
He attributed the feat to the crash in the price of crude oil at the time, adding that a total volume of 188.9 billion barrels of petroleum product was produced.
The figure, he said, was arrived at after netting out the cost of crude, processing, processing chemicals, energy as well as staff salaries and benefits.
Enjugu said that the company ran aground in 2015 due to absence of crude supply until July 15 when it received approval to process but was cut off by equipment problem.
He said that the company incurred a loss of N2.25 billion due to the challenges, adding that about N13 billion was made in 2016.
‘’Now at the end of 2016 which was a better year for us, we made something in the region of about N12 to N13 billion, we are yet to complete those figures.
‘’We made N2.95 billion in December only after netting out the overhead cost,’’ he said.
Enguju, however, said that the company would meet up with the projected N1.3 trillion profit for the nation once it started operating at 100 per cent capacity.
‘’We have to take up the challenge to keep the skills; we will make sure we deliver on that; we have to get all of the N1.3 trillion and beyond.
‘’We are looking at N1.5 trillion but we have to upgrade facilities at the PHRC,’’ he said.
Enjugu commended the Nigerian National Petroleum Company (NNPC) for signing a Memorandum of Understanding with Eni SPA, an Italian company, for the upgrade of the refinery’s equipment.
He said that he had confidence that Eni would assist the refinery to achieve 100 per cent of its target and surpass other competitors.
According him, the modular refineries and Dangote’s refinery’s posed a serious challenge to the nation’s refineries
He, however, said that the nation had high capacity to meet the consumers’ demand.
Enjugu also said that the refinery had entered into partnership with some governments for the production of fuel from agricultural products.
He further said that the company had concluded plans to commence the production of aviation kerosene.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.