Port Harcourt Refining Company
The Port Harcourt Refining Company, (abbreviated PHRC), is a Nigeria-based oil and gas company primarily specializing in the refining of crude oil into petroleum products. It is headquartered in Port Harcourt metropolitan area of Rivers State, southeastern Nigeria. The company is a subsidiary of the Nigerian National Petroleum Corporation (NNPC).
The Port Harcourt Refining Company Ltd. | |
| Company type | State-owned |
|---|---|
| Industry | Oil and gas |
| Founded | 1965 |
| Headquarters | , Nigeria |
Area served | Nigeria |
Key people | Ahmed Dikko (Managing Director),
Mr. Babatunde Sofowora (Executive Director Services), Mr.Reginald Udeh (Executive Director Finance) |
| Products | Petroleum and derived products |
| Owner | Nigerian National Petroleum Corporation |
| Website | www |
Located in Alesa Eleme just to the southeast of Port Harcourt, the company operates two oil refineries, including an old plant commissioned in 1965 that can process 60,000 barrels (9,500 m3) per stream day, as well as the new plant commissioned in 1989, which has a capacity of 150,000 barrels (24,000 m3) per stream day. Both oil refineries possess a combined capacity of 210,000 barrels (33,000 m3) per stream day.
The refinery in Port Harcourt, along with other state-owned refineries in the country, has only utilised a fraction of its capacity in recent decades due to inefficient processes and a lack of maintenance. This has led to Nigeria, Africa's largest crude oil producer, becoming increasingly reliant on imports of refined petroleum products.
In March 2021, the Nigerian government approved expenditure of GBP 1.08 billion (USD 1.5 billion) for the refurbishment and modernisation of the refinery complex in Port Harcourt. The main contract for the modernisation of the refinery was also awarded in the same month.
The renovation project for the refinery in Port Harcourt, which will be carried out in three phases, is scheduled for completion by 2025.